Ipagoo LLP is a British electronic money institution (EMI) authorized by the Financial Conduct Authority (FCA), the UK's financial regulatory body, to issue e-money and provide payment services. Ipagoo LLP operates in Italy under the system of mutual recognition through a branch office located in Milan.
The FCA announced, among other things (see the following news story), that it had imposed the following conditions on this EMI, as of 24 July 2019:
- it must not carry on any regulated activities;
- it must not dispose of its assets or any of the funds it holds in relation to e-money services;
- it must set out a statement on its website and communicate to customers that it is no longer permitted to conduct any regulated activities.
The Bank of Italy is in contact with the FCA and is following the situation regarding Ipagoo LLP as it develops. Initial reports are that the administrator appointed on 1 August is carrying out the assessments needed to ascertain the position of Ipagoo LLP's customers.
