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Finance

UK's FCA blocks Sendsii from operating after tax authority suspension

Published by Global Banking & Finance Review

Posted on March 11, 2026

1 min read

· Last updated: April 1, 2026

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March 11 (Reuters) - Britain's Financial Conduct Authority on Wednesday said it has blocked payment services firm Sendsii Ltd from carrying out any regulated activity after the company lost its tax

FCA Blocks Sendsii from Regulated Activity after Tax Suspension

FCA Action Against Sendsii Ltd

Regulator's Announcement

March 11 (Reuters) - Britain's Financial Conduct Authority on Wednesday said it has blocked payment services firm Sendsii Ltd from carrying out any regulated activity after the company lost its tax authority registration.

Requirements Imposed on Sendsii

Sendsii must return all funds held for customers and cannot conduct any regulated activity without the regulator's prior written consent, the FCA said.

Reporting and Editorial Credits

(Reporting by Raechel Thankam Job in Bengaluru; Editing by Vijay Kishore)

Key Takeaways

Sendsii lost its HMRC registration on October 9, 2025, invalidating conditions for FCA authorisation under the Payment Services Regulations 2017; FCA issued a First Supervisory Notice on March 11, 2026. (fca.org.uk)
As a result, the firm must return all safeguarded customer funds and is prohibited from conducting regulated activities—including money remittance—without prior FCA consent. (fca.org.uk)
The Financial Services Compensation Scheme (FSCS) does not cover payment services, but safeguarding rules under the Payment Services Regulations 2017 require customer money to be held separately and returned in such enforcement events. (fca.org.uk)

References

FCA imposes restrictions on Sendsii Ltd | FCA

Frequently Asked Questions

Why did the FCA block Sendsii from operating?

The FCA blocked Sendsii after the firm lost its registration with the tax authority.

What must Sendsii do after the FCA's decision?

Sendsii must return all funds held for customers and cannot carry out regulated activity.

Can Sendsii conduct regulated activities in the future?

Sendsii is not allowed to conduct regulated activities without prior written consent from the FCA.

Who reported the FCA's action against Sendsii?

The report was written by Raechel Thankam Job in Bengaluru and edited by Vijay Kishore.

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UK's FCA blocks Sendsii from operating after tax authority suspension

FCA Blocks Sendsii from Regulated Activity after Tax Suspension