The United Kingdom’s Financial Behavior Authority (FCA) issued a final notice that will cancel the SWIFT PAY GATE SOLUTIONS LIMITED registration as a small payment institution (SPI) in accordance with the 2017 Payment Service Regulations (PSRS).
The Authority considers that:
- The company no longer meets the condition for registration as a SPI set in Regulation 14 (11) of the PSRs, as the company is not registered with HMRC under the MLRS. and
- Despite the recurrent requests of the Arms that the company applies to the cancellation of its registration, it has failed to do so.
FCA has canceled the company’s registration as SPI in accordance with Regulation 10 (1) (E) (as applicable by Regulation 15) of PSRS. The cancellation is effective on April 29, 2025.