The UK Financial Conduct Authority (FCA) has cancelled Stallion Money Limited’s authorisation as an Authorised Payment Institution under the Payment Services Regulations 2017 (PSRs).

The firm no longer meets the conditions for registration as an API under the 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.

Also, the firm has failed to provide payment services since November 2020.

Furthermore, the Firm has failed to demonstrate a readiness and willingness to comply with its ongoing regulatory obligations and deal with the Authority in an open and co-operative way. Specifically, the firm has failed to submit its regulatory returns; pay its regulatory fees; and respond adequately to the Authority’s repeated communications.

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