The authority said MFS is an Annex 1 business, which is solely registered with and supervised by the FCA for its compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Annex 1 registered firms are not authorised or subject to wider FCA regulation.
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MFS entered administration in February amid allegations of fraud and the double pledging of assets, with reports indicating that its bank accounts at Barclays had been frozen. At the time, founder Paresh Raja described the situation as a “technical and procedural impasse.”
Former MFS staff members were made redundant without pay at the end of February, prompting the industry to launch a fundraising page.
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