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The Financial Services Authority (FSA) has taken action against a second service payments provider this week as it cancelled its registration, it has been reported today (November 25th). The regulator pulled the plug on Milton Keynes-based provider Farook Shuaimy after he failed to fork out £475 in fees and levies, the FT Adviser revealed.This penalty was issued after Shuaimy failed to respond to two warning notices issued by the watchdog between August and October of this year.
Registered under the Payment Services Regulations 2009, Shuaimy lost his chance of securing his position when he did not refer the matter to the Upper Tribunal within the 28-day limit.
Service payment providers enable money transactions between companies at home and abroad....Read more here--> FSA targets second service payments provider in a week
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