FCA places restrictions on Lilium Markets Ltd
The UK Financial Conduct Authority (FCA) announces that it has imposed a number of requirements on Lilium Markets Ltd, a registered small payment institution, and removed the firm’s ability to provide payment services.
The regulator explains that Lilium has never been authorised by the FCA and does not have permissions to carry out any regulated activities, including in relation to investments.
The firm must remove, or where this is not practicable, use its best endeavours to secure the removal of, any advertising and financial promotions it currently has live, in whatever form they may take. The firm must not issue or publish any advertising or financial promotions in relation to payment services, money service business, regulated activities or electronic money.
In addition, Lilium must secure and preserve all records and/or information (physical or electronic) relating to all activities carried on by it, including but not limited to regulated activities. These must be retained in a form and at a location within the United Kingdom.
The firm must update its details displayed on the Authority’s Register online using Connect. This must include but should not be limited to details of its directors, all addresses, telephone numbers, email addresses and complaint contact details.