In a significant move to ensure customer protection, payment services company LCC Trans-Sending Limited (LCC), known for its operations under various trade names including Small World Money Transfer and Bayba (UK), has ceased onboarding new customers. This decision comes as a direct response to actions taken by the Financial Conduct Authority (FCA).
As of June 10, 2024, LCC has officially closed its doors to new business and has halted the acceptance of funds from existing customers. The FCA, in its commitment to safeguarding consumer interests, prompted LCC to enter into a formal agreement to solidify these measures.
On June 13, 2024, LCC consented to an undertaking that effectively bars the firm from engaging in several activities. These include the onboarding of new customers and agents, as well as the reception of new funds from current customers.
LCC operates under several trading names:
The full details of the undertaking can be accessed on the Financial Services Register.
Accessing Your Money
The FCA acknowledges that some customers may encounter difficulties in accessing funds they have recently deposited. The authority is actively engaging with LCC to address these concerns and ensure proper handling of customer funds.
LCC has issued an update regarding this situation, providing further information for affected customers.
Who to Contact
Customers who are experiencing issues with accessing their funds, whether held with LCC or through one of its agents, are advised to contact the firm directly:
Email: [email protected] Phone: +44 20 3198 0387
