The UK Financial Conduct Authority (FCA) has decided to cancel the small payment institution (SPI) registration of Keyvolute Limited t/a Payshot Limited.
The decision is made pursuant to regulations 10(1)(a) and (h) (as applied by Regulation 15) of the PSRs.
Although the Firm has been in contact with the Authority, it did not make any 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.
The FCA has concluded that the firm did not provide payments services within 12 months beginning with the date on which the registration took effect. 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.
