The Financial Conduct Authority (FCA) in the UK has officially revoked the registration of Easy Exchange Limited as a small payment institution (SPI), effective January 8, 2025. This decision arose under specific provisions of the Payment Services Regulations 2017.
The FCA determined that Easy Exchange failed to meet the necessary conditions for maintaining its SPI registration. A key issue was the company’s lack of registration with HMRC, which is a fundamental requirement. Additionally, the firm did not submit its required Returns for the past three years and did not adequately respond to multiple requests from the FCA for compliance. This pattern indicated a lack of readiness and willingness to adhere to ongoing regulatory responsibilities and to engage constructively with the regulatory body.
These findings led the FCA to conclude that cancelling the firm’s registration was essential for consumer protection, as the failure to comply with regulatory norms raised significant concerns regarding the safeguarding of consumer interests. The FCA’s actions are seen as a necessary step to uphold the integrity of the financial system and ensure that all registered entities meet their obligations effectively.