FCA cancels SPI registration

The FCA has cancelled the registration of small payment institution First Money Services Ltd following the firm’s breaches of the PSRs 2017.

Specifically, the firm:

• failed to provide payment services within 12 months of becoming registered in September 2020;
• no longer met the conditions for registration, and in particularly had failed to comply with a requirement under the MLRs to be included in a maintained register; and
• reported providing payment services after its registration with HMRC ended in March 2022.