The UK Financial Conduct Authority (FCA) has officially revoked the registration of Ponto Tech Ltd as a Small Payment Institution in accordance with the Payment Services Regulations 2017. This decision stems from the firm’s failure to maintain compliance with the necessary legal requirements set forth by the FCA, particularly the stipulation of being listed on the register managed by HM Revenue and Customs (HMRC) under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017.
In its assessment, the FCA noted that Ponto Tech has not offered payment services since 2020, further justifying the authority’s choice to cancel the registration. The FCA emphasized that the cancellation aligns with its objectives surrounding consumer protection and the integrity of financial systems.
This cancellation is effective immediately, with the formal date set as March 19, 2025. The FCA’s action serves to uphold the regulatory standards necessary for operating financial services in the UK, ensuring that only compliant firms can participate in the payment sector.