What are the general principles behind making an application to become authorised as a payment institution?

As might be expected, the National Competent Authority (<a href="/glossarycollection/national-competent-authority" style="color:#48277C;" target="_blank" title="National Competent Authority"><u>NCA</u></a>) requires that any information provided needs to be accurate and that the directors and the persons responsible for the management of the payment institution are of good repute and possess appropriate knowledge and experience.