We have removed permissions from Samsky Pay Ltd. This means it is no longer permitted to carry out regulated activities.
The firm appears to have provided investment products or services, entering into written investment agreements and receiving deposits of funds from customers, without the required permissions.
Any investments with Samsky Pay may not be protected, and you could lose all your money if you invest with them.
Samsky Pay previously had permission to provide money remittance services only.
Payment accounts and e-money customers
We believe Samsky Pay was providing its customers with payment accounts, despite not having the appropriate permissions.
Samsky Pay also appeared to be advertising e-money and digital banking services to consumers despite not having the appropriate permissions to provide these services.
Investments with Samsky Pay
In general, a business does not have to be FCA-regulated to raise funds by issuing shares or debt securities, such as bonds or loan notes. However, any services provided by firms regarding these investments are likely to be regulated, and subject to our rules.
Samsky Pay has never been permitted by us to provide regulated investment services. Any investments offered by the firm could see consumers lose all their money.
Customers are strongly encouraged to check the information available on the FCA Register before making any payments in relation to investments. Customers are also advised when considering an investment to check both that they are dealing with a firm that is authorised and that the firm holds investment permissions.