The Financial Market Authority informs about the winding-up proceedings of the Irish e-money institution PFS Card Services Ireland Limited (PCSIL). On 17.01.2024 provisional insolvency administrators were appointed to carry out the winding-up proceedings. The Board of PCSIL have reached this decision having regard to the current operational, financial and regulatory issues facing the business.
The Central Bank notes that neither the making of a winding-up order with respect to the firm, nor the appointment of provisional liquidators to the firm, would have the automatic effect of revoking the firm’s authorisation as an electronic money institution under the European Communities (Electronic Money) Regulations 2011 (as amended). Accordingly, the firm will remain a regulated financial service provider subject to all applicable regulatory requirements until its authorisation is revoked.
PCSIL will continue to trade the business for an initial trading period of 6 months, until 17 July 2024. During this period, existing cardholders will be able to load and spend funds on their cards but there will be no onboarding of new card holders.
Further information is available on the Central Bank of Ireland ‘s website: https://www.centralbank.ie/news/article/media-statement-on-pfs-card-services-(ireland)-limited-(pcsil)