Magna Financial Limited

Reference number: 807745

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No longer authorised

This firm is still listed on the FCA register, but the record is closed. Cover on business done while it was authorised generally still applies, and it cannot take on new regulated business. Authorisation ended 21 February 2020.

Website, phone number and address

Compare these against whatever you were given. Scammers clone real firm names and reference numbers but use their own phone number and website, so a detail that does not match the register is the clearest warning sign there is.

  • Last known website

    magnafinancial.co.uk

  • Last known phone number

    020 3371 9966

  • Last known address

    1 Knightsbridge Green, London, London, SW1X 7NE, United Kingdom

In the full report: 3 background checks

  • When magnafinancial.co.uk first appeared online, and whether it can receive email
  • What kind of line 020 3371 9966 is
  • Who else gives the postcode SW1X 7NE
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Other names (1)

If you were contacted under any of these names, it is this firm.

  • Magna Financial Ltd Former name

Past FCA permissions and consumer protection

  • The record is closed
    Cover you already have generally survives the cancellation: FSCS exists for firms that have failed, and the Financial Ombudsman Service can look at a complaint about a firm that has stopped trading, as long as the business was done while it was authorised. New business with this firm has no cover at all, because it is no longer permitted to carry it out.

FCA disciplinary action and complaints

No FCA disciplinary action. The Financial Ombudsman Service only publishes complaint figures for firms with 30 or more new complaints in six months, so there are none here for this firm.

Companies House record

The company behind the firm: its status, age, registered office and directors.

Company number
09284056
Company status
Active
Company type
Private limited company
Incorporated
28 October 2014 (11 years old)
Registered office
4th Floor 49 St. James's Street, London, SW1A 1AH, England
Nature of business
  • Management consultancy activities other than financial management (SIC 70229)

Directors and company secretaries

Name Role Born Appointed Other companies
Saeed Abbassi Director Mar 1974 12 Aug 2026 None
Osman Hanif Director Oct 1987 12 Aug 2026 None

In the full report: every company its directors have run

  • Confirmation that these 2 directors run no other company
  • All 7 people who have been directors, with their dates
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Filed accounts and finances

Year to 31 March 2025Abridged accountsNot audited

Net assets

£4.23m

+1.6% from £4.17m

Cash at bank

£326

−99% from £26.8k

Employees (average)

4

+33% from 3

Owed within a year

£77.1k

+4.5% from £73.8k

Net assets

In the full report: all 6 years of accounts

  • Every year from 2020 to 2025
  • The chart, over every year
  • Every filed figure, year by year
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About these figures
Turnover
Money taken from sales in the year, before any costs.
Profit before tax
What was left after the year’s costs, before corporation tax. A minus figure is a loss.
Net assets, or total equity
Everything the company owns minus everything it owes. A minus figure means it owes more than it owns.
Total assets and total liabilities
Everything the company owns, and everything it owes, on the last day of the year. The gap between them is its net assets.
Cash at bank
Money in the company’s accounts on the last day of the year.
Owed within a year, owed after a year
Debts and bills due in the next twelve months, and those due later.

There is no turnover or profit: small companies do not have to publish them.

Accounts filed at Companies House for company 09284056. Every figure is as filed, apart from total assets and total liabilities, which are added up from filed figures. Nothing is estimated.

Key dates in its history

Magna Financial’s history from the FCA register and Companies House, newest first.

Key events (10) All events (24)

2026

12 August 2026

  • Board replaced: both directors left and 2 new directors took over
  • Saeed Abbassi became a part-owner (25–50% of shares)
  • Saeed Abbassi stopped being a part-owner

Companies House

2021

7 December 2021

  • No longer regulated by the FCA

FCA register

10 November 2021

  • Changed its registered name from "Magna Financial Ltd"

FCA register

2020

21 February 2020

  • Status on the FCA register became "Cancelled - Authorised PI"

FCA register

20 February 2020

  • Regulated by the FCA from this date

FCA register

2019

1 July 2019

  • Saeed Abbassi became a part-owner (25–50% of shares)

Companies House

2017

16 March 2017

  • Osman Hanif became a part-owner (25–50% of shares)

Companies House

2014

28 October 2014

  • Incorporated at Companies House

Companies House

In the full report: all 24 events

  • All 24 events in its history (10 shown here)
  • Every director appointment and resignation: 12
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Firms connected to Magna Financial

Other FCA-listed firms that share a director, phone number or address with Magna Financial. A link shows who the firm is tied to, not whether either can be trusted.

connected firms
2
share its postcode
2

In the full report: all 2 connected firms, named

  • How each is linked: the same postcode (2)
  • Who links each one: the named directors, with dates
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Firms like Magna Financial

Other firms of the same type (payment or money transfer firm), nearest first.

In London

Uber Payments UK LimitedLondonAuthorisedWise Payments LimitedLondonAuthorisedForisgfs UK LimitedLondonAuthorisedWepay Payments Ltd.LondonAuthorisedAirbnb Payments UK LimitedLondonAuthorisedMollie UK Ltd.LondonAuthorised

Firms are listed by type and location, best known first. Being listed is not a recommendation: check any firm before you deal with it.

Get the full report on Magna Financial

Everything on this page, plus everything locked above, in one dated PDF you can keep, file or send on.

  • Every company its directors have run, named
  • 3 background checks on its contact details
  • 6 years of accounts, charted
  • All 24 events in its history
  • 2 connected firms, named, and who links them

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Frequently asked questions about this firm

Is Magna Financial Limited FCA authorised?
No. Magna Financial Limited (FRN 807745) is still listed on the FCA register, but the record is closed: no longer authorised.
Is Magna Financial a scam or clone?
Magna Financial is not currently authorised by the FCA. Be cautious and verify any firm on the FCA register before dealing with it.
Is my money safe with Magna Financial?
Money you handed over while it was authorised generally keeps its protection: FSCS covers firms that have failed, and the Financial Ombudsman Service can look at a complaint about a firm that has stopped trading. New business with Magna Financial has no cover, because it is no longer permitted to carry it out.
Who owns Magna Financial?
Companies House lists 2 people with significant control of Magna Financial: Mr Saeed Abbassi (25–50% of shares) and Mr Osman Hanif (25–50% of shares).
Who runs Magna Financial?
Companies House lists 2 directors of Magna Financial: Saeed Abbassi and Osman Hanif.
How long has Magna Financial been in business?
The company was formed on 28 October 2014.
What do Magna Financial’s latest accounts show?
Its latest accounts, to 31 March 2025, show net assets of £4.23m (+1.6% from £4.17m) and cash at bank of £326 (−99% from £26.8k).
Does Magna Financial use any other names?
It has previously used the name Magna Financial Ltd.

Sources and links

The full report on Magna Financial Limited

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