meta_id 2956458

On March 11, 2026, the Financial Conduct Authority (FCA) published its 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), which it had initially issued on January 22, 2026. 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 October 9, 2025. Under the 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 of the 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 that it has been authorised for. The firm must not onboard or register any new customers or agents or accept any new customer funds or account credits. The Firm must, as soon as is practicable, and in any event no later than February 23, 2026, return all funds held for or on behalf of existing customers. The firm must, by 12pm on January 30, 2026 notify in writing all customers, agents, banking partners, payment services providers, and any relevant person of the imposition and effect of these Requirements. Within 72 hours of completing requirement (4), the firm must provide the FCA with relevant documentation to evidence the completion of requirement (4), as listed in the supervisory notice. The firm must provide the FCA with up-to-date bank statements for all the Firm’s bank accounts, payments or electronic money accounts and written confirmation t that it is not providing payment services and remains in compliance with the aforementioned requirements, on a weekly cadence. The firm must secure and preserve all records and/or information (physical or electronic) relating to payment services from its systems in their original form, or in a copy proved to be identical to the source material. These must be retained in a form and at a location within the United Kingdom.