The UK Financial Conduct Authority (FCA) has decided to vary the registration granted to Samsky Pay Limited.

The Authority has identified serious concerns that:

• The Firm is registered as a payment services firm under the PSR to provide money remittance only; it is not authorised under Part 4A of the Act and it does not hold any permissions to conduct regulated activities. The Authority considers that documents provided by certain consumers of the Firm, and the Firm’s account and transactional information suggest that the Firm has conducted unregulated investment activities with certain customers.
• The Firm is offering payment and other financial services for which it is not authorised. The Authority considers that the contents of the Firm’s website, various YouTube videos purporting to be from the Firm, and various social media posts (all of which remain live) suggest that the Firm may be offering payment accounts and e-money services while not having the relevant permissions to do so.

The FCA has decided to vary the registration granted to Samsky Pay pursuant to Part 2 of the PSR by imposing the following requirements on the Firm with immediate effect:

1. The Firm must remove, or where this is not practicable, use its best endeavours to secure the removal of, any advertising and financial promotions it currently has live, in whatever form they may take. This includes but should not be limited to its website and mobile phone app, videos on YouTube, online press articles, posts across all social media platforms (including but not limited to Facebook, Twitter, Tik-Tok and Instagram).
2. The Firm must not issue or publish any advertising or financial promotions in relation to payment services, money service business, regulated activities or electronic money. This includes, but it not limited to advertising or publication on the website, YouTube and social media channels.
3. The Firm must secure and preserve all records and/or information (physical or electronic) relating to all activities carried on by it, including but not limited to regulated activities.
4. The Firm must not, without the prior written consent of the Authority, take any action which has, or may have, the effect of disposing of, withdrawing, transferring, dealing with or diminishing the value of any assets it holds or receives, for itself or on behalf of another (whether in the United Kingdom or elsewhere).
5. The Firm may continue dealing with or disposing of any of its own assets in the ordinary and proper course of business provided that the sum or value of such dealings or disposals, whether as a single transaction or a combination of related transactions, does not exceed £1,000 (or £3,000 in the case of legal expenses).