___________________________________________________________________________

FINAL NOTICE
___________________________________________________________________________


To:
World Currency Exchange Limited

Of:


53 Commercial Street



London



E1 6BD




FSA Reference
Number:

510250


Dated:

24 July 2012


ACTION

1.
For the reasons set out in this Final Notice, the Financial Services Authority (the
“FSA”) hereby takes the following action against World Currency Exchange Limited.

2.
The FSA gave World Currency Exchange Limited a Decision Notice on 22 June 2012
(the “Decision Notice”) which notified World Currency Exchange Limited that for the
reasons given below and pursuant to Regulation 10(1)(h) of the Payment Services
Regulations 2009 (the “PSR”), the FSA had decided to cancel the registration granted
to World Currency Exchange Limited as a small payment institution under the PSR.

3.
World Currency Exchange Limited has not referred the matter to the Upper Tribunal
(Tax and Chancery Chamber) within 28 days of the date on which the Decision
Notice was given to World Currency Exchange Limited.

4.
Accordingly, the FSA has today cancelled World Currency Exchange Limited’s
registration as a small payment institution.

REASONS FOR ACTION

5.
On the basis of the facts and matters and conclusions described in its Warning Notice
dated 17 May 2012 (the “Warning Notice”), and in the Decision Notice (an extract of
the Decision Notice is attached to and forms part of this Notice), the FSA has
concluded that World Currency Exchange Limited has failed to submit the Payment
Services Directive Transactions return (the “FSA057”), for the period ended 31
December 2011, and to respond adequately to repeated FSA requests that it submit the
FSA057.

6.
These failings lead the FSA to conclude that World Currency Exchange Limited has
failed to comply with the requirement that it submit the FSA057 to the FSA, that
World Currency Exchange Limited has failed to demonstrate a readiness and
willingness to comply with its ongoing regulatory obligations and to deal with the
FSA in an open and co-operative way. It is therefore desirable to cancel World
Currency Exchange Limited’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).

RELEVANT STATUTORY AND REGULATORY PROVISIONS

6.
The statutory and regulatory provisions relevant to this Final Notice are set out in the
Annex.

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 World Currency Exchange Limited in accordance with
section 390(1) of the Financial Services and Markets Act 2000 (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 FSA must publish such
information about the matter to which this Final Notice relates as the FSA considers
appropriate. The information may be published in such manner as the FSA considers
appropriate. However, the FSA may not publish information if such publication
would, in the opinion of the FSA, be unfair to World Currency Exchange Limited or
prejudicial to the interests of consumers.

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

FSA contact

11.
For more information concerning this matter generally, World Currency Exchange
Limited should contact Sarah Brewer at the FSA (direct line: 020 7066 8886/fax: 020
7066 6677).


……………………………………………………..
John Kirby
FSA Enforcement and Financial Crime Division

EXTRACT FROM THE DECISION NOTICE DATED 22 JUNE 2012 ISSUED BY
THE FSA TO WORLD CURRENCY EXCHANGE LIMITED


“FACTS AND MATTERS RELIED ON

7.
World Currency Exchange Limited was registered by the FSA on 1 November 2009
as a small payment institution.

8.
World Currency Exchange Limited is required to submit the FSA057. Despite
repeated requests and warnings, it has failed to submit the FSA057 for the period
ended 31 December 2011.

9.
By its Warning Notice dated 17 May 2012 (the “Warning Notice”), the FSA gave
notice that it proposed to take the action described above and World Currency
Exchange Limited was given the opportunity to make representations to the FSA
about that proposed action.

10.
No representations having been received by the FSA from World Currency Exchange
Limited within the time allowed by the Warning Notice, the default procedures in
DEPP 2.3.2G of the FSA’s Decision Procedure and Penalties Manual permit the facts
and matters described in the Warning Notice, and repeated in this Decision Notice, to
be regarded as undisputed.”


END OF EXTRACT


ANNEX TO THE FINAL NOTICE ISSUED BY THE FSA TO WORLD CURRENCY
EXCHANGE LIMITED ON 24 JULY 2012

RELEVANT STATUTORY PROVISIONS

1.
Regulation 14 of the PSR states:

“Regulations 7 to 11 apply to registration as a small payment institution as
they apply to authorisation as a payment institution…”

2.
Under Regulation 10(1)(h) (as applied by Regulation 14) of the PSR, the FSA may
cancel the registration of a small payment institution if the cancellation is desirable in
order to protect the interests of consumers.

3.
Regulation 82 of the PSR states:

“(1) A payment service provider must give the Authority such information in
respect of its provision of payment services and its compliance with
requirements imposed by or under…these Regulations as the Authority may
direct.

(2) Information required under this regulation must be given at such times and
in such form, and verified in such manner, as the Authority may direct.”

RELEVANT HANDBOOK PROVISIONS

4.
In exercising its power to cancel the registration of a small payment institution, the
FSA must have regard to guidance published in the FSA’s Handbook of rules and
guidance (the “Handbook”). The relevant main considerations in relation to the action
specified above are set out below.

Relevant Directions

5.
FSA Direction SUP 16.13.4D, in the Supervision manual of the Handbook, directs
that a small payment institution is required to submit the FSA057 annually, one month
from 31 December.

6.
FSA Direction SUP 16 Annex 28A D specifies the format in which the FSA057 is to
be completed and submitted.

OTHER RELEVANT REGULATORY PROVISIONS


7.
The FSA’s policy in relation to exercising its enforcement powers is set out in the
Enforcement Guide (“EG”).

8.
EG 19.91 provides that the FSA’s approach to enforcing the PSR will mirror its
general approach to enforcing the Act.

9.
EG 19.93 provides that, in relation to the PSR, the FSA has decided to adopt
procedures and policies, in relation to the use of its sanctioning and regulatory

powers, akin to those it has under the Act. Relevantly in this regard, the types of
circumstances in which the FSA will consider cancelling a firm’s Part IV permission
under the Act include the non-submission of regulatory returns.