E-money

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BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

This overview is a guide to the Lexis®PSL Financial Services content within the E-money subtopic, with links to appropriate materials.

It introduces a group of Practice Notes that cover electronic money and related areas. It introduces the Financial Conduct Authority’s (FCA) approach and guidance and links are provided throughout to sources, texts and relevant content.

Regulating e-money

Electronic money, or 'e-money', is essentially cash stored in electronic form. For more information on the definition of e-money, see Practice Note: What is electronic money?

Within the European Union, the primary pieces of legislation governing the regulation of e-money are the E-money Directive (2000/46/EC) and

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Latest Financial Services News

Improving civil enforcement of financial sanctions under SAMLA 2018

Corporate Crime analysis: Christopher Gribbin, managing associate, and Molly Vann from the White Collar Crime & Investigations team at Mishcon de Reya examine the latest consultation by the Office of Financial Sanctions Implementation (OFSI), launched on 22 July 2025, which seeks to reform the civil enforcement process for financial sanctions in the UK. The proposed changes aim to make the Office of Financial Sanctions Implementation’s (OFSI) processes clearer, more transparent, and efficient. Key reforms include updated case assessment guidance, a new settlement scheme, and the introduction of an Early Account Scheme to encourage prompt and comprehensive disclosure. OFSI also proposes streamlined penalties for reporting and licensing breaches, and a significant increase in statutory penalty maximums. While these measures are designed to expedite investigations and foster industry engagement, they are balanced by the prospect of tougher penalties. The consultation closes on 13 October 2025.

FOS consults on updating its funding model

The Financial Ombudsman Service (FOS) has launched a consultation on updates to its funding model with proposed changes to its case fee structure and billing processes. The consultation outlines options to differentiate case fees based on either the stage at which a complaint is resolved or the outcome of the case, with lower fees proposed for cases that are not upheld. It also proposes replacing the current free case count with a £2,000 annual monetary allowance for respondent businesses and professional representatives. It further proposes introducing quarterly billing in advance for firms and professional representatives forecasted to have 25 or more cases annually. Responses are sought by 8 October 2025. Feedback is intended to inform the 2026/27 Plans and Budget consultation in November 2025, with implementation of approved changes expected from 1 April 2026.

The biggest UK white collar cases of 2025—midyear report

Law360, London: James 'Jes' Staley's ill-fated legal battle over his ties to Jeffrey Epstein, the first conviction secured by Britain's sanctions' enforcer and Tom Hayes' Supreme Court victory are just a few of the big cases from 2025.

Financial Services—other developments (13/8/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

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