UK FCA Implements Restrictions on Lilium Markets Ltd

Fazzaco learned that Lilium Markets Ltd, a registered small payment institution, will not be able to provide payment services with the FCA imposing restrictions on the company, effective from 3 October 2022.

Fazzaco Hall of Fame 2022 Officially Opens (Click to Nominate)!​

The restriction has been imposed on Lilium by the United Kingdom's Financial Conduct Authority (FCA) in wake of its operation without authorisation and permissions to carry out any regulated activities, including in relation to investments. 

According to the official press release, Lilium must not issue or publish any advertising or financial promotions in relation to payment services, money service business, regulated activities or electronic money. 

As Fazzaco previously reported, FCA has decided to fine Barclays a total of £50 million​ in relation to its failure to disclose certain arrangements agreed with Qatari entities as part of its capital raisings announced on 25 June 2008 and 31 October 2008. The capital raisings were conducted at the time of the 2008 financial crisis and subject to intense market and public scrutiny.