The UK Financial Conduct Authority (FCA) has cancelled Samsky Pay Ltd’s registration as a Small Payment Institution.
The cancellation is effective February 20, 2025.
On 14 June 2021, the firm was registered by the Authority as an SPI under the PSRs to provide money remittance services.
On 29 June 2023, the Authority issued a first supervisory notice (FSN) to the Firm. Under the FSN, the firm’s registration as a SPI was varied to:
- Remove the money remittance payment service which the firm had been permitted to provide under its registration; and
- Impose a number of requirements.
Under the requirements, Samsky Pay was required to, amongst other things:
- by 5:00pm on 3 July 2023, remove, or where this is not practicable, use its best endeavors to secure the removal of, any advertising and financial promotions it currently has live, in…
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