The UK Financial Conduct Authority (FCA) has decided to cancel the small payment institution (SPI) registration granted to Toza Payment Technology Limited.
The Authority issued the company with a Warning Notice and Decision Notice notifying it of its decision to take the measures set out above. Toza Payment Technology Limited (TPTL) did not submit any submissions within 28 days from the date of the Warning Notice and did not refer the matter to the Court within 28 days from the date of the Decision Notice.
TPTL did not provide payment services within 12 months of the effective date of registration, nor at any point thereafter. This provides the basis for cancellation of TPTL’s registration under Regulation 10(1)(a) (as implemented by Regulation 15) of the PSRs.
Furthermore, TPTL never submitted the Returns and did not respond to the Authority’s repeated requests to do so. Therefore, TPTL failed to deal with the Authority in an open and cooperative manner. This provides the basis for cancellation of TPTL’s registration under regulation 10(1)(h) (as implemented by regulation 15) of the PSRs.
Therefore, the Authority decided to cancel the registration of TPTL.