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http://www.fca.org.uk/your-fca/docum...s-limited-vreq
And fro their license.
And fro their license.
Requirement 1
There is a Requirement linked to this permission. Please see http://www.fca.org.uk/your-fca/docum...s-limited-vreq to view details.
Requirement 2
Firm Asset Requirement
With effect from 1 September 2014, the Authority has decided to impose a requirement on the Firm, under section 55L of the Act, such that the money in the Firm's bank accounts may not, so long as the requirement is in force, be dealt with in any way without written consent from the Authority.
Additional Requirements
With effect from 1 September 2014, the Authority has decided to impose the following additional requirements on the Firm, pursuant to section 55L and section 55N of the Act, namely that the Firm must:
(a) by 17 September 2014 cancel all direct debits it has set up with its clients;
(b) by 17 September 2014 notify in writing all clients (the wording to be agreed in advance by the Authority) with whom it has set up direct debits, that the direct debit is to be, or has been, cancelled;
(c) by 17 September 2014 notify in writing all creditors of all clients (the wording to be agreed in advance by the Authority) that the payments that it was due to make to creditors, on behalf of its clients, will be postponed until further notice;
(d) by 17 September 2014 notify in writing all clients (the wording to be agreed in advance by the Authority) from whom the Firm receives funds by way of standing order, that the clients should cancel all standing orders they may have with the Firm;
(e) return any funds that are received from clients by way of standing order or otherwise either on or after the date of this Notice within 7 days beginning with the day on which the funds are received;
(f) by 17 September 2014 provide the Authority with a copy of the written notifications referred to in sub-paragraphs (b), (c) and (d) above together with a list of all clients and/or creditors to whom such notifications have been sent.
There is a Requirement linked to this permission. Please see http://www.fca.org.uk/your-fca/docum...s-limited-vreq to view details.
Requirement 2
Firm Asset Requirement
With effect from 1 September 2014, the Authority has decided to impose a requirement on the Firm, under section 55L of the Act, such that the money in the Firm's bank accounts may not, so long as the requirement is in force, be dealt with in any way without written consent from the Authority.
Additional Requirements
With effect from 1 September 2014, the Authority has decided to impose the following additional requirements on the Firm, pursuant to section 55L and section 55N of the Act, namely that the Firm must:
(a) by 17 September 2014 cancel all direct debits it has set up with its clients;
(b) by 17 September 2014 notify in writing all clients (the wording to be agreed in advance by the Authority) with whom it has set up direct debits, that the direct debit is to be, or has been, cancelled;
(c) by 17 September 2014 notify in writing all creditors of all clients (the wording to be agreed in advance by the Authority) that the payments that it was due to make to creditors, on behalf of its clients, will be postponed until further notice;
(d) by 17 September 2014 notify in writing all clients (the wording to be agreed in advance by the Authority) from whom the Firm receives funds by way of standing order, that the clients should cancel all standing orders they may have with the Firm;
(e) return any funds that are received from clients by way of standing order or otherwise either on or after the date of this Notice within 7 days beginning with the day on which the funds are received;
(f) by 17 September 2014 provide the Authority with a copy of the written notifications referred to in sub-paragraphs (b), (c) and (d) above together with a list of all clients and/or creditors to whom such notifications have been sent.
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