UK regulator cancels SPI registrations of several firms

The UK Financial Conduct Authority (FCA) has published a set of final notices on its website sanctioning several firms for their failure to meet their obligations. The firms are: Royaume FEX Limited, Arab Link Ltd, and Prestige Group (UK) I Ltd.

The UK regulator has cancelled the registration as Small Payment Institution of all three firms.

Regarding Royame FEX, the FCA explains that the firm has failed to pay the Overdue Balance and to respond adequately to repeated Authority requests that it pay the Overdue Balance. These failings have led the Authority to conclude that Royame FEX has failed to demonstrate a readiness and willingness to comply with its ongoing regulatory obligations which include dealing with the FCA in an open and co-operative way. That is why, the regulator has found it desirable to cancel RFL’s registration as an SPI in order to protect the interests of consumers, in accordance with Regulation 10(1)(h) of the PSR (as applied by Regulation 15 of the PSR).

Arab Link Ltd has also failed to pay the Overdue Balance and to respond adequately to repeated Authority requests that it pay the Overdue Balance.

The same goes for Prestige Group (UK) I Ltd, which has failed to pay the Overdue Balance and to respond adequately to repeated Authority requests that it pay the Overdue Balance.

None of these entities has referred the matter to the Tribunal within 28 days of the date on which the Decision Notice was given to it.