The UK Financial Conduct Authority (FCA) has announced the cancellation of the registration for a payment institution known as Easy Exchange Limited. This decision was effective from January 8, 2025, and signifies that the entity no longer met the necessary conditions for maintaining its status as a small payment institution (SPI) as outlined in relevant regulatory guidelines.
Specifically, the FCA cited non-compliance regarding the registration with HMRC, which is essential for SPI status. Additionally, the FCA observed that the firm had failed to fulfill its regulatory obligations by not submitting required Returns for three consecutive years. This lack of action, alongside the company’s unresponsiveness to multiple inquiries from the FCA, indicated an unwillingness to adhere to regulatory requirements and engage cooperatively with the Authority.
The cancellation of the registration aims to protect consumers by ensuring that only compliant institutions can operate within the payment sector. The FCA’s actions reflect its commitment to maintaining high standards within the financial industry and safeguarding the interests of the public.