FCA varies registration granted to Lilium Markets
The UK Financial Conduct Authority (FCA) has decided to vary the registration granted to Lilium Markets Ltd.
The FCA has concluded that it is necessary to vary the firm’s registration by removing the payment services it provides and imposing requirements because it appears the firm no longer meets, or it is unlikely to meet, the conditions for registration under regulation 14(11) of the PSR and it is desirable in order to protect the interests of consumers pursuant to regulation 12(1)(d) of the PSR.
Lilium Markets 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.
In addition, 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.
Also, the firm 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.
The effect of the removal of the payment service is that the firm cannot provide any payment services. The variation takes immediate effect and remains in force unless and until varied or cancelled by the Authority (either on the application of the Firm or of the Authority’s own volition).