What is an Electronic Money Institution and how are they regulated?

An authorized Electronic Money Institution (EMI) is a firm that the FCA has given permission to issue electronic money (e-money) and provide payment services under the Electronic Money Regulations, 2011 and the Payment Services Regulations, 2017 which governs the payment services part of their business. They are also governed by the FCA Handbook and the FCA Principles which lay down the globally accredited business conduct standards to be followed by FCA-regulated firms while conducting their business.