The UK Financial Conduct Authority (FCA) has revoked the registration of Bancoremit Limited as a Small Payment Institution. This decision comes after the FCA determined that the company did not adhere to regulatory requirements, specifically in relation to its reporting obligations. Despite multiple reminders, Bancoremit failed to submit necessary returns for the past three years.
Additionally, the company has not engaged with the FCA’s inquiries, leading to concerns regarding its willingness and ability to comply with ongoing regulatory requirements. The firm has also not provided payment services for over a year, as there was no evidence presented to confirm that it was actively conducting such services.
The FCA’s cancellation of Bancoremit’s registration, effective February 28, 2025, is in accordance with specific regulations outlined in the Payment Services Regulations (PSRs). This regulatory action underscores the importance of compliance and engagement between financial institutions and their regulatory bodies to ensure consumer protection and uphold operational integrity within the financial sector.