FINAL NOTICE

To:

United Forex Limited

Address:

8b Spring Street


Paddington

London

W2 3RA

FRN:

539852

Dated:

5 August 2015

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against United Forex Limited (“UFL”).

2.
The Authority gave UFL a Decision Notice on 26 June 2015 (“the Decision Notice”)
which notified UFL that for the reasons given below and pursuant to Regulation
10(1)(h) of the PSR, the Authority had decided to cancel the registration granted
to UFL as a small payment institution under the PSR.

3.
UFL has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to UFL.

4.
Accordingly, the Authority has today cancelled UFL’s registration as a small
payment institution.

DEFINITIONS

5.
The definitions below are also used in this Final Notice:

“the Act” means the Financial Services and Markets Act 2000;


“the Authority” means the Financial Conduct Authority;

“the FSA057 return” means the Payment Services Directive Transactions return;


“the PSR” means the Payment Services Regulations 2009; and

“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber).


REASONS FOR ACTION

5.
On the basis of the facts and matters and conclusions described in the Warning
Notice dated 3 June 2015, and in the Decision Notice, the Authority has
concluded that UFL has failed to submit the FSA057 return for the period ended
31 December 2014, which was due to be submitted to the Authority by 2
February 2015 and to respond adequately to repeated Authority requests that it
submit the FSA057 return.

6.
These failings lead the Authority to conclude that UFL has failed to comply with
the requirement that it submit the FSA057 return to the Authority, and that UFL
has failed to demonstrate a readiness and willingness to comply with its ongoing
regulatory obligations and to deal with the Authority in an open and co-operative
way. It is therefore desirable to cancel UFL’s registration as a small payment
institution in order to protect the interests of consumers, in accordance with
Regulation 10(1)(h) of the PSR (as applied by Regulation 14).

DECISION MAKER

7.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

8.
This Final Notice is given to UFL in accordance with section 390(1) of the Act (as
applied by paragraph 7(b) of Part 1 of Schedule 5 to the PSR).

Publicity

9.
Sections 391(4), 391(6) and 391(7) of the Act (as applied by paragraph 7(c) of
Part 1 of Schedule 5 of the PSR) apply to the publication of information about the
matter to which this Final Notice relates. Under those provisions, the Authority
must publish such information about the matter to which this Final Notice relates
as the Authority considers appropriate. The information may be published in such
manner as the Authority considers appropriate. However, the Authority may not
publish information if such publication would, in the opinion of the Authority, be
unfair to UFL or prejudicial to the interests of consumers.

10.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.

Authority Contact

11.
For more information concerning this matter generally, please contact Prea Deans
at the Authority (direct line: 020 7066 2272).




John Kirby
Enforcement and Market Oversight Division