Laura WilesThe FCA has cancelled the permission of Fortune Portfolio (t/a Libra), a small payments institution which has been registered with the FCA since January 2016.
In the same vein as a range of other payment institution cancellations issued recently, the firm’s registration with HMRC had been cancelled in September 2022, meaning it no longer satisfied the MLRs and the condition for registration under the PSRs. The firm did not re-register and also had not notified the FCA that its registration under the MLRs had been cancelled.
The firm had also failed to submit its annual regulatory returns, despite repeated requests and warnings.