UT/2023/000092 - [2024] UKUT 00035 (TCC)

In this section I aim to briefly introduce some further background findings on Nvayo and the particular topics the parties raised in relation to Nvayo’s suspension application, and in their evidence, setting out further detail as necessary in the discussion sections which follow. The time to make definitive findings of fact will of course be following the hearing of the substantive references in this matter.

As regards the evidence, Christopher Jacklin, who is Nvayo’s Interim, Co-Chief Executive Officer (appointed 1 June 2023) and Chief Banking Officer (appointed 1 March 2020) filed two witness statements on behalf of Nvayo. Those statements dealt briefly with the history of the company, the events leading up to the issue of the Supervisory Notices, the effects of those on Nvayo, and Nvayo’s systems and controls, remediation and Nvayo’s response to the Authority’s concerns. On behalf of the Authority, Gregory Ohm, a manager in one of the Authority’s E-Money Portfolio Teams, and whose team is responsible for the supervision of Nvayo, filed two witness statements. Those covered the communications from Nvayo’s bank regarding closure of its safeguarding account, the Authority’s continued engagement with Nvayo, and the issue of the FSSN. Neither witness was required by the opposing party to be cross-examined but further to my request Mr Jacklin answered my questions about the day-to-day operation of Nvayo’s business. He also gave brief oral evidence in relation to the impact of the skilled persons requirement on Nvayo and regarding Nvayo’s actions taken in response to the Authority’s AML concerns. I found Mr Jacklin to be a helpful and credible witness of fact.