The Financial Conduct Authority imposed restrictions on 8 August 2023 saying that it could not carry out e-money services without the Authority's consent. Details of the history of actions against the company (which the Authority insists on referring to as a "firm") are here: https://register.fca.org.uk/s/firm?id=001b000000m4IWmAAM#what-can-this-…

Over the years, since its first registration in 2013, it's been known as Vincento Payment Solutions Limited Kalixa Pay Limited, BW Pay Limited, Club Swan, Aurae and of course, Nvayo Limited

There is a very prominent notice on the compay's record: it says "The Financial Services Compensation Scheme will not be able to consider a claim against this [company] if it fails.

The Restriction of 8 August also made a number of restrictions on both monetary payments and, importantly, the disposal of assets. It could continue with its funds transfer business so long as payments did not exceed GBP5,000 either as a single transaction or in agreggate in connected transactions and that included transactions relating to its own assets.

Relationships with other companies were all terminated in August 2016.

In February 2024, the company appealed agains the restrictions (in technical terms applied to suspend the restrictions) but the Upper Tribunal dismissed the application.

The notice from the Authority reminds us of that issued when the Authority took action against Wirecard:

"The administrators will carry out an assessment of the protected client money held with Nvayo. The administrators are responsible for managing customer['s] claims and returning funds back (sic) to customers, where possible. Customers should receive more information from them, including details on how to make a claim, within 8 weeks of appointment."

This appears to say that the "special administration" is in fact an order for the orderly winding up of the company.