FCA cancels First Money Services registration as Small Payment Institution
The UK Financial Conduct Authority (FCA) has cancelled First Money Services Ltd’s registration as a Small Payment Institution.
The firm did not provide payment services within 12 months of becoming registered. It is also no longer meeting the conditions for registration as an SPI under the Payment Services Regulations (PSRs).
In particular, the firm has failed to comply with a requirement of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the MLRs”) to be included in a register maintained under the MLRs.
Finally, the firm has reported providing payment services after its registration with HMRC ended.
The cancellation has been imposed in order to advance the Authority’s consumer protection and integrity objectives.
The registration cancellation took effect on December 22, 2025.
