The UK Financial Conduct Authority (FCA) has cancelled the small payment institution (SPI) registration of Fox Global Trading Limited.
Pursuant to Regulations 10(1)(a) and 10(1)(h) (as applied by regulation 15) of the Payment Services Regulations 2017 (PSRs), the Authority has decided to cancel the registration granted to the firm, as a Small Payment Institution (SPI) under the PSRs.
The firm submitted a Return (covering the period 1 January to 31 December) for each of the years 2019, 2020, 2021 and 2022. In each Return, it reported having undertaken no payment transactions, nor any other business. This is consistent with its filed accounts at Companies House, which show it to have been dormant since 2019.
The FCA issued to the firm a Warning Notice and Decision Notice which notified the firm of its decision to take the action. 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. Accordingly, the Authority has cancelled the registration granted to the firm, as an SPI under the PSRs.
