The UK Financial Conduct Authority has cancelled iCorp Global Limited’s registration as a Small Payment Institution (SPI) under the Payment Services Regulations 2017 (PSRs).

The firm has failed to notify the FCA of significant changes to circumstances that the Authority considers are relevant to the firm’s fulfillment of the conditions for registration under the PSRs.

Specifically, the firm failed to notify the Authority of the appointment of a director and their subsequent arrest and investigation resulting in the Authority being unable to assess whether they are of good repute and possess the appropriate knowledge and experience to manage an SPI.

Additionally, the firm failed to notify the Authority of a change to its principal place of business and registered office address.

Despite repeated requests and warnings, the firm has also failed to submit its annual regulatory returns.

The cancellation has been imposed in order to advance the Authority’s consumer protection and integrity objectives.