FCA prevents Bazar Money Transfer Limited from providing regulated payment services

The UK Financial Conduct Authority (FCA) has officially restricted Bazar Money Transfer Limited (BMTL) from offering regulated payment services to retail and corporate clients. This regulatory intervention follows a determination that the firm no longer meets the necessary conditions for registration as a small payment institution. The move highlights the FCA's ongoing commitment to consumer protection within the money remittance sector by ensuring that only compliant firms remain operational.

Bazar Money Transfer Limited (BMTL), a firm registered with the FCA to provide money remittance services, has been ordered to cease all regulated payment activities. The FCA took this action after identifying that BMTL failed to maintain the required standards for its status as a small payment institution. To safeguard consumers, the regulator has effectively frozen the company's ability to process transactions, impacting both its retail and corporate customer base.

The regulatory process involved a Second Supervisory Notice issued on 6 March 2026, which maintained the restrictions despite representations made by BMTL. This notice confirms that the firm is prohibited from carrying out any regulated payment services for the foreseeable future. Additionally, the FCA clarified that BMTL is not registered to conduct cryptoasset business and is strictly forbidden from providing such services to its customers.

In light of these restrictions, the FCA has advised the public to utilize alternative authorized or registered payment service firms for sending or receiving money. Customers who have initiated transfers through BMTL and have not received their expected funds are encouraged to contact the FCA Supervision Hub directly. This enforcement action serves as a reminder to the broader payments industry of the rigorous compliance requirements necessary to maintain operational status in the UK market.