The UK Financial Conduct Authority (FCA) has decided to to cancel the small payment institution (SPI) registration granted to Toza Payment Technology Limited.

The Authority issued to the firm a Warning Notice and Decision Notice which notified it of its decision to take the action specified above. Toza Payment Technology Limited (TPTL) did not make representations within 28 days of the date of the Warning Notice and has not referred the matter to the Tribunal within 28 days of the date of the Decision Notice.

TPTL did not provide payments services within 12 months beginning with the date on which the registration took effect, nor at any point subsequently. This provides a basis for cancelling the TPTL’s registration in accordance with regulation 10(1)(a) (as applied by regulation 15) of the PSRs.

Furthermore, TPTL has never submitted the Returns and has failed to respond to the Authority’s repeated requests that it do so. Therefore, TPTL has failed to deal with the Authority in an open and co-operative way. This provides a basis for cancelling TPTL’s registration in accordance with regulation 10(1)(h) (as applied by regulation 15) of the PSRs.

The Authority has therefore decided to cancel TPTL’s registration.