The UK Financial Conduct Authority (FCA) has today announced the cancellation of Igniter Pay UK Limited’s Small Payment Institution (SPI) registration.
Cancellation is made in accordance with regulations 10(1)(a) and 10(1)(h) (as applied by regulation 15) of the Payment Services Regulations 2017 (“PSR”).
The Authority issued the Company with a Warning Notice and a Decision Notice informing the company of its decision to take the measures specified above. 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.
Igniter Pay has not provided payment services within 12 months of the effective date of registration. This provides the basis for deregistration of the company under regulation 10(1)(a) (as implemented by regulation 15) of the PSRs.
In addition, the company has not provided payment services since its registration. The Authority has decided that the company does not require registration and therefore that its registration as an SPI should be canceled to protect the interests of consumers, pursuant to regulation 10(1)(h) (as implemented by regulation 15) of PSR.