The UK Financial Conduct Authority (FCA) today announced the cancellation of the Small Payment Institution (SPI) registration of Igniter Pay UK Limited.
The cancellation is executed pursuant to regulations 10(1)(a) and 10(1)(h) (as applied by regulation 15) of the Payment Services Regulations 2017 (“PSRs”).
The Authority issued to the Firm a Warning Notice and Decision Notice which notified the firm of its decision to take the action specified above. The firm did not make representations within 28 days of the date of the Warning Notice and has not referred the matter to the Tribunal within 28 days of the date of the Decision Notice.
Igniter Pay did not provide payments services within 12 months beginning with the date on which the registration took effect. This provides a basis for cancelling the firm’s registration in accordance with regulation 10(1)(a) (as applied by regulation 15) of the PSRs.
Furthermore, the firm has not provided payment services since its registration. The Authority has decided that the firm does not require its registration and therefore that its registration as an SPI should be cancelled in order to protect the interests of consumers, in accordance with regulation 10(1)(h) (as applied by regulation 15) of the PSRs.
