Refusing an Application for Registration: Cancellation and Suspension of Registration
If we take the decision to cancel or suspend a registration, we must notify the business in writing. A business can appeal against a decision to cancel or suspend their registration.
We may cancel or suspend for the same reasons that we can refuse a registration and where:
- the circumstances relating to an individual’s fit and proper status has changed and the individual is no longer considered to be fit and proper; or
- an individual has been convicted of a relevant offence
- the relevant person fails to comply with a Regulation 66 notice issued under the regulations
- the relevant person has not provided additional information required within 12 months after the Regulations came into force
- an MSB appears to be a payment service in the UK but is not registered with the FCA (or subject to an exemption).
If we believe it is in the interest of the public to cancel a registration with immediate effect, we must inform the business of this and cancellation will take effect as soon as the notice is given to the business.