FCA cancels Global 4X Limited’s authorisation as API

The UK Financial Conduct Authority (FCA) today cancelled the authorisation granted to Global 4X Limited as an authorised payment institution (API).

The regulator has concluded that Global 4X Limited is no longer meeting the conditions for authorisation as an API set out in Regulations and 6(7)(d) of the PSRs, as the firm has not taken adequate measures for the purpose of safeguarding payment service users’ funds in accordance with requirements set out in Regulation 23 of the PSRs.

Furthermore, the firm has not provided payment services in the last 12 months. The Authority has therefore concluded that the firm no longer requires its authorisation and that its authorisation as an API should be cancelled in order to protect the interests of consumers, in accordance with regulation 10(1)(h) of the PSRs.