The UK Financial Conduct Authority (FCA) has issued a final notice canceling Swift Pay Gate Solutions Limited’s registration as a Small Payment Institution (SPI) under the Payment Services Regulations 2017 (PSRs).
The Authority considers that:
- The firm is no longer meeting the condition for registration as an SPI set out in Regulation 14(11) of the PSRs, as the firm is not registered with HMRC under the MLRs; and
- despite repeated requests by the Authority that the firm applies to cancel its registration, it failed to do so.
The FCA has cancelled the Firm’s registration as an SPI pursuant to Regulation 10(1)(e) (as applied by Regulation 15) of the PSRs. The cancellation is effective April 29, 2025.
