FCA Revokes Small Payment Institution Registration of Sumer 62

The UK Financial Conduct Authority (FCA) has decided to cancel the registration granted to Sumer 62, as a small payment institution (SPI) under the PSR (Payment Services Regulations 2017).

Sumer 62 was registered by the Authority on 1 February 2019 as an SPI.

On 8 October 2020, HMRC (Her Majesty's Revenue and Customs) removed Sumer 62 from the register maintained under the MLR (Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017). Therefore, Sumer 62 no longer meets the conditions for registration set out in Regulations 14(4) to 14(11) of the PSR, specifically the condition in Regulation 14(11). Sumer 62 has failed to apply to cancel its registration despite requests by the Authority that it do so.

Regulation 14(11) of the PSR states:

"The applicant must comply with a requirement of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to be included in a register maintained under those Regulations where such a requirement applies to the applicant…"

The Authority has concluded that Sumer 62 is no longer meeting the conditions for registration as an SPI under the PSR, and that its registration as an SPI should be cancelled.

Sumer 62 has not referred the matter to the Tribunal within 28 days of the date on which the Decision Notice was given to it. Accordingly, the FCA has cancelled the registration granted to Sumer 62, as an SPI under the PSR. The decision is effective January 14, 2022.

(Source: FNG News Group)