Regulator orders Allied Wallet to cease trading

As of 4 June 2019, the Financial Conduct Authority (FCA) has imposed a number of requirements on Allied Wallet, with the firm no longer able to carry on any regulated activities.

Furthermore, the company must not dispose of its assets or any of the funds it holds in relation to e-money services. Allied Money has also been ordered to release a statement on its website, communicating to customers that it is “no longer permitted to conduct any regulated activities”.

The firm was authorised and supervised by the FCA to issue e-money and provide payments services under the Electric Money Regulations 2011.

The regulator has made this decision to protect the interests of Allied Wallet’s customers, and the full requirements have been published on the FCA register.

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