Versions

 

8.7

FSRA may cancel the FSP on the application of the FinTech Participant, in accordance with section 32 of the FSMR, or on the initiative of the Regulator, in accordance with section 33 of the FSMR, if it appears to the Regulator that:

(a) the FinTech Participant is failing, or is likely to fail, to satisfy the Threshold Conditions made under section 7(2) of the FSMR and set out in paragraph 5.2(a) of this Guidance;
(b) it is desirable to exercise this power to further one or more of the Regulator's objectives, including, for example, if:
i. the FinTech Participant is failing, or is likely to fail, to satisfy the authorisation requirements set out in section 5.2(b)–(f) of this Guidance; or
ii. the FinTech Participant is failing, or is likely to fail, to satisfy the limitations or conditions set out in section 7.1 of this Guidance; or
(c) the FinTech Participant has committed a contravention of the FSMR or any Rules made under the FSMR.