The AUKPI serves as the trade body for Payment Institutions and agencies in the UK and provides a forum for the examination and discussion of all relevant questions relating to the payments sector and money transfer. Our aim is the promotion and maintenance of high standards of business conduct and professional competence.
All full members of the Association must be Payment Institutions regulated by the FCA.
As of January 2020, there were approximately 370 Authorised PI's and 650 registered PI's. Plus approximately 200 EMI's. By comparison, there were around 568 API's in EEA. This demonstrates that the UK has a core competence in payment services and that the majority of EEA PI's have their head office in the UK.
The FCA, HM Revenue and Customs and other government departments with an interest in the payment sector and have confirmed that they recognize the role of the AUKPI in representing the UK money transfer and payments industry.
What does the AUKPI do?
Hold monthly regulatory webinars where experts present information on the regulations and how to comply
Hold two London conferences a year at which those with an interest in payment services can come together to discuss issues of common concern
Be the representative of the industry with the UK government – in particular, to ensure that the voice of smaller and medium sized firms is heard
Engage in dialogue with UK regulators to ensure that the relevant laws and regulations are fairly and consistently applied
Facilitate the provision of online AML training jointly with International Compliance Association
Produce a regular newsletter with regulatory information
Establish an effective dialogue with the UK banks to ensure that they behave reasonably in their relations with payment firms
Provide a platform to allow software and service providers to promote their products to payment firms
Who can be a member?
Full membership of the Association is available to any Payment Institution which is regulated as Principal with both FCA and HMRC. Only full members of the Association will be able to vote at meetings and hold office.
Associate membership will be available to money transfer agents, banks, government officials, etc. Associate members will have speaking rights but cannot vote at meetings or hold office.
How is the Association run?
The Association has been registered with UK Companies House as a company limited by guarantee – this means it is run on a not for profit basis by its members. The work plan of the Association will be decided by an executive, elected at the Annual General Meeting. Only PI's can be represented on the executive.