The UK Financial Conduct Authority (FCA) has cancelled the registration of Apex Money Limited as a small payment institution (SPI).
The Authority has concluded that the firm is no longer meeting the conditions for registration as an SPI under the PSRs, and that its registration as a SPI should be cancelled.
The firm was registered by the Authority as an SPI to provide the payment services of money remittance on 5 April 2020. On 21 October 2020, the firm’s application dated 30 March 2020 for HMRC registration under the MLRs was refused by HMRC.
To date, the firm has not demonstrated to the Authority that it has obtained HMRC registration since its application to the HMRC was rejected on 21 October 2020. The firm has also failed to apply to cancel its registration with the Authority despite repeated requests by the Authority that it should do so.
