In accordance with the decision of the Financial Conduct Authority (FCA) as competent supervisory authority in the United Kingdom One Stop Money Manager Limited is no longer allowed since 4 December 2019 to provide electronic money and payment services requiring a licence, and therefore shall not be allowed to perform any account information services and payment initiation services until further notice. The electronic money institution is required to inform its customers that it is no longer allowed to conduct activities requiring a licence, and shall not be allowed to make any pay-outs at the current time. Without prior approval in writing from the authority the institution shall not be allow to make use of financial means and/or customer deposits, which it holds in relation to payment services, or to reduce the amount held. Furthermore, the electronic money must also inform its agents as defined in the Electronic Money Directive about these official requirements.
Details about the restrictions placed upon One Stop Money Manager Limited can be found under the following link:
https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000m4IXDAA2
The Financial Conduct Authority advises that it has not revoked One Stop Money Manager Limited’s licence, but that the institution it not allowed to provide any services requiring a licence until further notice.