TITLE: Financial Conduct Authority Imposes Immediate Requirements on Sendsii Ltd Payment Services
BODY:
On 22 January 2026, the Financial Conduct Authority (FCA) issued a First Supervisory Notice to Sendsii Ltd, imposing immediate requirements on the authorised payment institution (API) under Regulation 12(1) of the Payment Services Regulations 2017 (PSRs).
The FCA determined that Sendsii Ltd no longer meets the conditions for authorisation as an API because HM Revenue and Customs (HMRC) suspended the firm's registration on the Supervised Business Register on 9 October 2025. Under Regulation 6(8) PSRs, inclusion in the appropriate HMRC register is a mandatory condition of FCA authorisation for money remittance providers. The firm failed to notify the FCA of this suspension, breaching Regulation 37 PSRs, which requires firms to inform the Authority of major changes in circumstances relevant to meeting authorisation conditions.
The FCA imposed seven requirements effective immediately: the firm must cease all payment services; cease onboarding new customers, agents, or accepting customer funds; return all customer funds by 23 February 2026; notify all customers, agents, and banking partners by 12 January 2026; provide detailed account and agent information within 72 hours of notification; submit weekly compliance confirmations and bank statements; and preserve all records relating to payment services within the United Kingdom.
The FCA noted consumer protection concerns, as the firm operates a network of over 100 agents and serves over 70,000 customers. Without these requirements, agents and customers may believe the firm remains registered and supervised when it is not, creating significant harm risk.
Sendsii Ltd may make written representations to the FCA within 14 days of this notice or refer the matter to the Upper Tribunal (Tax and Chancery Chamber) within 28 days.
**Reference:** Financial Conduct Authority First Supervisory Notice to Sendsii Ltd, Reference Number 844809, dated 22 January 2026.