The UK Financial Conduct Authority (FCA) has cancelled the registration of Easy Exchange Limited as a small payment institution (SPI).
The cancellation, which is made pursuant to Regulations 10(1)(e) and 10(1)(h) (as applied by Regulation 15) of the Payment Services Regulations 2017, got into effect on January 8, 2025.
The Authority has concluded that the firm is no longer meeting the conditions for registration as an SPI set out in Regulation 14(11) of the PSRs, as the firm is not registered with HMRC.
The Authority has further concluded that by failing to submit the Returns for the last three years and to respond adequately to the Authority’s repeated requests that it do so, the firm has failed to demonstrate a readiness and willingness to comply with its ongoing regulatory obligations and to deal with the Authority in an open and co-operative way. This provides a basis for cancelling the Firm’s registration in accordance with regulation 10(1)(h) (as applied by regulation 15) of the PSRs in order to protect consumers.
