![UT/2023/000092 - [2024] UKUT 00035 (TCC)](https://backend.juristeca.com/files/emisores/logo_ICfrj4g.png){kind=logo}
Heading
Neutral Citation: [2024] UKUT 00035 (TCC)
Case Number: UT/2023/000092
UPPER TRIBUNAL
(Tax and Chancery Chamber)
By remote video hearing
FINANCIAL SERVICES – procedure – supervisory notices imposing requirements taking immediate effect in relation to e-money institution’s new and existing business and its assets - application under Rule 5(5) of UT Rules to suspend effect of notice pending determination of reference dismissed
Heard on: 17 January 2024
Judgment date: 5 February 2024
Before
UPPER TRIBUNAL JUDGE SWAMI RAGHAVAN
Between
NVAYO LIMITED
Applicant
and
THE FINANCIAL CONDUCT AUTHORITY
Respondent
Representation:
For the Applicant: Stephen Auld KC, instructed by Trowers & Hamlins LLP
For the Respondent: Adam Temple, Counsel, instructed by the Financial Conduct Authority
DECISION
- Heading
- Introduction
- background
- The requirements sought to be suspended
- Evidence and findings of fact for purposes of this application
- Nvayo’s history and business
- USDoJ Investigation and criminal complaint against Mr Scanlon
- Safeguarding bank accounts
- AML review
- law in relation to Suspension application
- Discussion
- Can the Tribunal be satisfied that suspending the requirement would not prejudice the persons intended to be protected by the notice?
- Requirement restricting Nvayo undertaking new business
- Tribunal’s views
- Requirement restricting existing business
- Authority’s review of ten client files
- Tribunal’s views
- Assets requirement on Nvayo’s own assets
- Other points
- Conclusions