UK Regulator Orders Two Payments Firms To Halt Operations

The Financial Conduct Authority (FCA) has ordered e-money institution One Stop Money Manager Limited and payment institution Merchant Optimisation Services Limited to stop operating.

Neither firm is allowed to “carry on regulated activities” and both are forbidden from disposing of their assets or funds held in relation to regulated activities, following an intervention from the regulator late on Monday.

When contacted by PaymentsCompliance, the FCA declined to say what issues prompted the restrictions to be imposed, but said that it took action “to protect the interests of … customers”.

Representatives from both companies asked for questions in writing when contacted, but did not respond to further queries.

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