Allied Wallet Limited

[Legal Beagles]

Allied Wallet Limited has been required to cease trading.

https://www.fca.org.uk/news/statemen...wallet-limited

[Amethyst]

https://register.fca.org.uk/ShPo_Fir...000000m4IXWAA2

Requirements are rules placed on the firm that apply to all of the financial services activities that it can operate.

• Institution to refrain from AIS or PIS for an indefinite period
• Allied Wallet must not carry out any regulated activity
• Allied Wallet must not dispose of assets
• Allied Wallet must not dispose of client funds
• Allied Wallet must safeguard Relevant Funds
• Allied Wallet must update its websites
• Allied Wallet must secure all books and records
• Allied Wallet must secure all books and records relating to the matters subject to recent court proceedings
• Allied Wallet must secure all books and records and preserve information and systems relating to the matters subject to recent court proceedings in the United States District Court (Central District of California), namely Federal Trade Commission v Allied Wallet (and others) - https://www.ftc.gov/system/files/doc...ja_5-21-19.pdf Allied Wallet must retain these in a form and at a location, to be notified to the Authority in writing such that they can be provided to the Authority, or to a person named by the Authority, promptly on its request.
• Allied Wallet must provide daily notifications to the FCA
• Allied Wallet must notify its agents of these requirements

The Complaint charges that Settling Defendants participated in unfair acts or practices in violation of Section 5 of the FTC Act, 15 U.S.C. § 45 (a), by processing or arranging for processing of charges to consumers’ credit and debit cards on behalf of Defendants’ Clients.