The UK Financial Conduct Authority (FCA) has backtracked on its warning against payment app Lanistar Limited. This is indicated by a statement which the regulator issued on Friday, November 20th.

Let’s recall that, following the FCA receiving a number of consumer reports, on Wednesday, November 18th, the regulator issued a consumer warning against Lanistar.

“LANISTAR LIMITED

We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us. However, some firms act without our authorisation and some knowingly run investment scams.

This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation”.

On November 20, 2020, the regulator explained that the firm agreed to add an appropriate disclaimer to its marketing materials updating its regulatory status to confirm that it is not conducting regulated activities. The firm is also going to amend certain aspects of its website.

On that basis, the FCA has removed the consumer warning.

The firm has confirmed it is in a pre-launch process, the FCA adds. The regulator will be working with the firm closely ahead of their launch.

The website of the company does not reveal much about what its services are specifically. The images suggest Lanistar is a payment app.

The website of the firm does not state anything specific about its regulation or registration either. The Terms and Conditions page does not provide any documents. It simply states that: “To stay on the right side of the law we’re not publishing our T&C’s until the service is fully up and running”.