The UK Financial Conduct Authority (FCA) today published a final notice regarding OG Pay Ltd.

The Authority cancels OG Pay’s registration as a Small Payments Institution (SPI) under the Payment Services Regulations 2017 (“the PSRs”).

The FCA has concluded that the firm has not provided payment services within 12 months beginning with the date on which the registration took effect. This provides a basis for cancelling the firm’s registration in accordance with Regulation 10(1)(a) (as applied by regulation 15) of the PSRs.

Furthermore, the firm has not provided payment services since registration. The Authority therefore considers that the Ffrm does not require its registration and that its registration as an SPI should be cancelled in order to protect the interests of consumers, in accordance with Regulation 10(1)(h) (as applied by regulation 15) of the PSRs.

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