The Financial Conduct Authority (FCA) revealed last week that it has cancelled Cashup Ltd’s permission to carry on regulated activities, citing concerns over the firm’s location and lack of cooperation.
Cashup’s Permission to Carry on Regulated Activities Cancelled by FCA
The decision, which took effect from 28 March 2025, was made under section 55J of the Financial Services and Markets Act 2000.
According to the FCA’s Final Notice, Cashup failed to satisfy the location of offices Threshold Condition, as the regulator could not confirm that the firm’s head office and central management were based in the UK.
It is claimed that the company is not operating from the address listed in the FCA’s records, and its sole director was not present in the country.
Additionally, the FCA found that Cashup failed to meet the suitability Threshold Condition, as it did not respond adequately to multiple requests for information.
The regulator stated that Cashup’s lack of cooperation and failure to provide essential details raised concerns about whether the firm was being managed in a sound and prudent manner.
The FCA initially issued a Decision Notice on 25 February 2025, giving Cashup 28 days to appeal. However, the firm did not refer the matter to the Upper Tribunal, leading to the cancellation of its Part 4A permission.
The regulator emphasised that this action aligns with its consumer protection and integrity objectives, ensuring that only firms meeting regulatory requirements can operate in the UK financial sector.
