FCA censures Horn Express for client money breaches

The said it FCA would have fined the firm, formerly known as Qaran Express Money Transfer Limited (QEMTL) £136,687 had the company not produced verifiable evidence that imposing a fine would have caused it serious financial hardship. QEMTL is a money transfer company authorised by the FCA under the Payment Services Regulations 2009 (PSRs). It has not traded as a money transfer business since early 2012. This is the first time that a public sanction has been imposed on a payment institution authorised under the PSRs for misconduct, other than for failures to comply with minimum cond...