FCA orders payment app Zeux to cease all marketing of “Easy Access Money Pot”

Maria Nikolova

The order applies, inter alia, to Zeux’s existing promotional material in public spaces such as the London Underground.

The UK Financial Conduct Authority (FCA) has published a notice on its website about the imposition of requirements on payment app Zeux. The firm has applied to the FCA for the imposition of the requirements with immediate effect.

On January 22, 2020, Zeux agreed with the FCA not to proceed with its planned London Underground marketing campaign that specifically mentioned Zeux’s “Easy Access Money Pot” and, to halt all other promotion of this product.

When Zeux agreed to stop its planned London Underground marketing campaign of the “Easy Access Money Pot” product, TFL had already put some of the adverts up (before the campaign was due to go live). Zeux contacted TFL to get these adverts taken down, but, given the size of the network, this can take time.

On January 24, 2020, Zeux also agreed with the regulator to temporarily pause the access for new customers to the “Easy Access Money Pot” product, whilst the FCA assessed certain regulatory/legal requirements and, subject to this, whether the advertisements were clear, fair, and not misleading. Zeux informed the Authority that this was achieved through an update to the Zeux app that went into effect on February 1, 2020.

However, on February 4, 2020, the FCA became aware of a “This is Money” article that was originally published at 12:24 on February 4, 2020 by the Daily Mail and included a short interview with Zeux. The regulator finds that this was advertising of the “Easy Access Money Pot” product. Hence, the FCA considers that the statements made in the interview promoted the product and therefore breached the above agreement.

The FCA imposes the following requirements on Zeux:

  • To cease all promotion and marketing of Zeux’s “Easy Access Money Pot” product whether online or not, including by removing any existing promotional material from public spaces such as the London Underground. This requirement includes removing any reference to “Easy Access Money Pot” from the homepage of zeux.com but excludes material in the FAQ section of the Zeux website which could be relevant to existing “Easy Access Money Pot” customers.
  • To cease onboarding any new customers in relation to the “Easy Access Money Pot” product.
  • To seek written consent from the Authority before providing any comment to the media about the “Easy Access Money Pot” product.

These requirements will remain in force until Zeux is able to satisfy the FCA that the “Easy Access Money Pot” meets all regulatory and legal requirements, and subject to this, whether the advertisements in relation to it are clear, fair and not misleading.

Read this next

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

<