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The FCA moved fast. On January 23, 2026, the Financial Conduct Authority basically killed Sendsii Ltd’s business operations after the company lost its registration with HM Revenue and Customs back in October. Now Sendsii can’t touch any regulated activities without getting approval first from the FCA.
The whole mess started when HMRC suspended Sendsii’s registration on October 9, 2025, which pretty much meant the company couldn’t meet the Payment Services Regulations 2017 requirements anymore. Without that HMRC registration, Sendsii became non-compliant overnight and the FCA had to step in. The company now faces a complete ban on money remittance services and all other regulated activities. Clients who still have funds tied up with Sendsii need to get their money back, but the specifics of how that’ll work are buried in the Financial Services Register documentation.
Things look grim for Sendsii customers.
People expecting money transfers through Sendsii should contact the FCA’s Supervision Hub right away. The regulator wants consumers to find other authorized payment service providers instead of waiting around for Sendsii to fix its problems. Sarah Mitchell, a regular Sendsii customer, found out the hard way when she tried making her monthly remittance on March 11, 2026. “I wasn’t told about any problems until I couldn’t complete my transaction,” she said. The lack of communication from Sendsii left many customers scrambling to figure out what happened to their money.
The FCA’s crackdown on Sendsii shows how serious regulators are about payment service compliance. Companies that can’t follow the Payment Services Regulations 2017 face immediate consequences, and there’s no room for excuses. The regulations require firms to maintain proper records and safeguard customer funds – basic stuff that Sendsii apparently couldn’t handle.
HMRC’s role here is pretty interesting. By pulling Sendsii’s registration first, HMRC basically flagged the company for the FCA to investigate. It’s a good example of how UK financial oversight works when different agencies coordinate their enforcement efforts. The collaboration between HMRC and FCA shows they’re serious about protecting consumers from sketchy operators. Related coverage: Crypto Project Montra Vanishes After Claiming.
Sendsii isn’t the first company to get hammered like this. PayLink Services faced similar restrictions in December 2025 after failing FCA compliance checks. The pattern suggests regulators are cracking down harder on payment firms that don’t meet standards. Jonathan Reed, a financial analyst at Barclay & Co., thinks the enforcement wave is making other companies more careful. “Firms are definitely more vigilant now because they see what happens when you mess up,” Reed said on March 10, 2026.
The timing couldn’t be worse for Sendsii. The FCA updated its payment service provider guidelines on March 1, 2026, making compliance checks even stricter. These new rules are part of a broader push to prevent financial misconduct and protect consumers better. Companies operating in this space now face tougher scrutiny and faster enforcement action when they screw up.
Sendsii still hasn’t said anything publicly about the restrictions. No statement, no explanation, no timeline for fixing the problems. The silence is deafening and leaves customers wondering if they’ll ever see their money again. The Financial Services Register got updated on January 23, 2026, to reflect Sendsii’s restricted status, so anyone can check online to see the company can’t operate legally right now.
The Payment Services Regulations 2017 that Sendsii violated aren’t complicated – they’re basic requirements for handling other people’s money safely. Companies need accurate records and proper fund protection. Sendsii’s failure to meet these basic standards cost them their business license and left customers in limbo. For more details, see FCA Absorbs PSR in Major Regulatory.
Industry watchers think this case will scare other payment firms into better compliance. The FCA clearly wants to send a message that regulatory breaches won’t be tolerated, especially when customer funds are at risk. But for Sendsii customers still waiting for their money, the regulatory message doesn’t help much.
As of March 11, 2026, Sendsii hasn’t provided any plan for getting back into compliance or resuming operations. The company’s future remains unclear, and customers are stuck dealing with the fallout from what appears to be a complete regulatory failure.
Money remittance companies handle billions in transfers annually across the UK, with many serving immigrant communities sending funds to family overseas. The sector has grown rapidly since Brexit, as traditional banking relationships with EU countries became more complex. Sendsii operated in this crowded market alongside major players like Western Union and Wise, competing on fees and transfer speeds to destinations across Africa and Asia.
The FCA has suspended or restricted 47 payment service providers since 2024, according to regulatory filings. Most cases involve inadequate anti-money laundering controls or failure to segregate customer funds properly. Remittance firms face particular scrutiny because they often serve high-risk corridors where regulatory oversight is limited. The average recovery rate for customers when payment firms collapse sits around 60%, based on previous FCA enforcement actions.
