Six unregulated Annex 1 lenders (Kingscrown Finance Ltd, MOMSB Ltd, Momentus Capital Ltd, Grosvenor Funding Ltd, Grosvenor Funding (North West) Ltd, Abbital Ltd)
United Kingdom
The FCA placed voluntary restrictions on six unregulated lenders, known as Annex 1 firms, after identifying deficiencies in their anti-money laundering policies, controls, and procedures. The restrictions limit the firms' ability to take on new customers, enter new lending arrangements, or extend existing credit. Kingscrown Finance Ltd received its first restrictions on Apr 21, 2026, with further restrictions on Sep 25, 2026.
MOMSB Ltd and Momentus Capital Ltd were restricted on Oct 07, 2026, followed by Grosvenor Funding Ltd and Grosvenor Funding (North West) Ltd on Oct 09, 2026, and Abbital Ltd on Oct 15, 2026. Several of the firms must also undergo independent reviews of their AML frameworks. The action forms part of the FCA's enhanced oversight of Annex 1 firms, which are registered for AML supervision but not fully authorised or subject to wider FCA regulation.
- Demonstrates FCA readiness to impose operational restrictions for AML deficiencies on entities at the periphery of regulation
- May signal increased scrutiny of unregulated or lightly regulated lending entities that partner with or serve roles similar to BaaS-adjacent firms
- Highlights that AML compliance failures can result in immediate business curtailment, not just fines
- NewsLaw360
- NewsAML Intelligence