The FCA's cancellation of Niavaran Limited's Small Payment Institution registration is a direct enforcement action against an authorised payment institution for breaching PSR requirements and failing to maintain HMRC registration.
The enforcement action relates to the firm's failure to maintain compliance with money laundering registration requirements, which connects to broader AML/CFT obligations, though the primary focus is the regulatory breach itself.
Specialism
The FCA explicitly cancelled Niavaran Limited's Small Payment Institution registration, which constitutes permanent withdrawal of authorisation for a named payment firm.
The firm's failure to maintain HMRC registration and notify the FCA of this lapse represents a breach of AML/CTF requirements, as HMRC registration is a foundational AML/CTF compliance obligation for payment service providers.
2026-03-24 01:54:21·csoo@vixio.com
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TITLE: Financial Conduct Authority Cancels Niavaran Limited's Small Payment Institution Registration
BODY:
On 25 July 2025, the Financial Conduct Authority (FCA) issued a Decision Notice cancelling Niavaran Limited's registration as a Small Payment Institution (SPI) under the Payment Services Regulations 2017 (PSRs).
The FCA determined that Niavaran Limited no longer meets the conditions for SPI registration. Specifically, the firm's registration with His Majesty's Revenue and Customs (HMRC) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 lapsed on 30 October 2018. HMRC subsequently rejected multiple re-registration applications submitted by the firm in July 2019, April 2023, and January 2025. The firm failed to notify the FCA of this lapse, contrary to Regulation 37 of the PSRs, which requires SPIs to disclose significant changes in circumstances affecting their registration conditions. Additionally, the firm continued providing payment services and submitting regulatory returns reporting payment service activity between 2019 and 2024 despite lacking required HMRC registration. The FCA concluded the firm breached Principle 11 of its Handbook by failing to deal with the Authority in an open and cooperative manner. The cancellation is deemed desirable to protect consumer interests, as consumers should not be misled about a firm's regulatory status.
Niavaran Limited has referred the matter to the Upper Tribunal (Tax and Chancery Chamber), which will determine the appropriate action. The firm had 28 days from 25 July 2025 to make this referral. The proposed cancellation will have no effect pending the Tribunal's determination. Once the Tribunal issues its decision, the FCA will issue a final notice regarding implementation.