The UK Financial Conduct Authority (FCA) has canceled the small payment institution (SPI) registration of Fox Global Trading Limited.
Pursuant to regulations 10(1)(a) and 10(1)(h) (as implemented by regulation 15) of the Payment Services Regulations 2017 (PSR), the Authority has decided to cancel the registration granted to the company, as a Small Payment Institution (SPI) under the PSRs.
The company submitted a Declaration (covering the period from 1 January to 31 December) for each of the years 2019, 2020, 2021 and 2022. In each Declaration, it stated that it had not carried out any payment transactions, nor any other business. This is in line with its accounts filed at Companies House, which show it has been dormant since 2019.
The FCA issued the company with a warning notice and a decision notice notifying the company of its decision to take action. The company failed to make representations within 28 days of the date of the Warning Notice and did not refer the matter to the Tribunal within 28 days of the date of the Decision Notice. Therefore, the Authority canceled the registration granted to the company, as an SPI under the PSRs.