The UK Financial Conduct Authority (FCA) today cancelled Bancoremit Limited’s registration as a Small Payment Institution.

The Authority has concluded that the firm has failed to comply with rules (SUP 16.13.3D and 16.13.4D) by failing to submit the returns for the last three years, despite reminders to do so.

The firm has also failed to respond to the FCA’s communications and has therefore failed to demonstrate a readiness and willingness to comply with its ongoing regulatory obligations and to deal with the Authority in an open and cooperative way.

Finally, the firm has not provided payment services for at least the last 12 months, on the basis that the firm has not submitted returns showing the provision of payment services and has not otherwise provided evidence of conducting payment services.

The FCA has cancelled the firm’s registration as an SPI, pursuant to Regulation 10(1)(h) of the PSRs. The cancellation takes effect from February 28, 2025.