The UK Financial Conduct Authority (FCA) has cancelled the registration of Biilz UK Ltd as a small electronic money institution (SEMI).
The cancellation is pursuant to Regulations 10(1)(e) and 10(1)(a) (as applied by regulation 15) of the Electronic Money Regulations 2011.
The Authority has concluded that the firm has failed to take adequate measures to safeguard electronic money holders’ funds as required by Regulation 13(7)(c) of the EMRs. This provides a basis for cancelling the firm’s registration in accordance with Regulation 10(1)(e) (as applied by Regulation 15) of the EMRs.
Furthermore, the firm has failed to issue electronic money since its registration in October 2020 and therefore did not issue electronic money within 12 months, beginning with the date on which its registration took effect. Although this is in part because the firm has failed to secure safeguarding arrangements, the firm had a safeguarding account in place when it was registered, and still failed to issue electronic money.
The firm’s failure to issue electronic money within 12 months beginning with the date on which the registration took effect also provides a basis for cancelling the firm’s registration in accordance with Regulation 10(1)(a) (as applied by regulation 15) of the EMRs.
The FCA has therefore cancelled the firm’s registration as an SEMI.
