Christopher Scanlon’s Nvayo Limited has been hit with a number of regulatory restrictions by the FCA.

On August 8th, the FCA imposed six restrictions on Nvayo Limited’s business operations:

Navayo Limited is prohibited from providing electronic money services without prior written consent from the FCA;

Nvayo Limited is prohibited from disposing, withdrawing, transferring, dealing with or diminishing the value of its own assets and customer funds, without prior written consent from the FCA;

Nvayo Limited must “ringfence” all funds it holds in “designated safeguarding accounts”, any transactions required to achieve this must be approved by the FCA;

Nvayo Limited must inform the FCA of compliance by August 15th; and

Nvayo Limited is prohibited from destroying evidence “relating to electronic money services”, and said evidence must be provided to the FCA by August 15th

Sometime after August 8th, Nvayo Limited
informed customers of the restrictions
placed upon it.

Dear Valued Member,

We are writing to inform you of important regulatory developments concerning Nvayo Limited.

E-money issuance, payments, and card services are provided solely by Nvayo Limited authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2017 for the issuing of electronic fiat money and payment instruments for Club Swan.

Following recent discussions, we are required by the FCA to immediately suspend all activities in relation to Nvayo’s Electronic money authorisation.

What does this mean to you:

1 Nvayo cannot accept any form of payment to load on to a customer’s e-money wallet or prepaid cards.

This includes:

a Receiving funds via bank transfer/wires.

b Liquidating any digital assets to load your e-money wallets.

c Loading your e-money wallets via Credit or Debit card.

2 Nvayo prepaid cards will no longer be functional for the following purposes:

a Payments for goods and services.

b ATM services; such as withdrawals.

3 Your membership will remain active, and you will continue have access to:

a Concierge and lifestyle services.

b Crypto Wallets to store, send and receive crypto.

c Instant Rewards.

d 24/7 live customer support, through the app or e mail.

4 If you wish to withdraw funds from your account please contact support via the concierge feature within your account.

a We will need to verify your identity

b In order to protect you, we ask that you provide bank details that are your own and in your name.

This also means that at this time, Nvayo is unable to accept and onboard new customers.

The above requirements will remain in effect unless amended or withdrawn by the FCA.

We would like to reassure customers that their money remains safe and is held in UK banks in accordance with the FCA’s safeguarding requirements.

We understand that this may raise questions and/or concerns. Please rest assured that we are committed to complying with these requirements fully and are taking every necessary step to find a re

🤖 Quick Answer

What regulatory restrictions did the FCA impose on Nvayo Limited?
On August 8th, the FCA imposed six restrictions on Christopher Scanlon's Nvayo Limited, including prohibitions on electronic money services provision, asset and fund disposition, and evidence destruction. The company must ringfence customer funds in designated safeguarding accounts and obtain prior FCA written consent for major operations.

What compliance deadline was set for Nvayo Limited?
Nvayo Limited was required to inform the FCA of its compliance with the imposed restrictions by August 15th, establishing a tight timeline for the company to demonstrate adherence to regulatory requirements.

What safeguarding measures must Nvayo Limited implement?
Nvayo Limited must ringfence all funds held in designated safeguarding accounts, with all transactions required to achieve this ringfencing requiring prior FCA approval before execution.

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