Syncom (UK) Limited

Reference number: 932543

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Authorised, but in an insolvency process

This firm is under the control of insolvency practitioners and may have stopped taking on new business. If you are or were a customer, deal with the appointed office holders rather than the firm.

What the FCA says

ATTENTION - Firm in an insolvency process

This firm is in an insolvency process. It is under the control of the appointed insolvency office holder(s) and may have stopped taking on new business. It has to continue to meet our standards in line with its regulatory status, including when dealing with its customers. If you are/were a customer check how this affects you with the firm or the appointed insolvency office holder(s).

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.

  • No website on the FCA register

  • No phone number on the FCA register

  • No address on the FCA register

Other names (2)

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

  • Hello E Wallet Trading name
  • i-epay Trading name

Past FCA permissions and consumer protection

  • In an insolvency process
    Money the firm held is returned through the appointed office holders, which takes time and can fall short. The FSCS covers eligible claims up to its limits, and the Ombudsman can still look at a complaint.
Show FCA detail (7 permissions)
  • a) Services enabling cash placement on a payment account
  • b) Services enabling cash withdrawals from a payment account
  • c) Execution of payment transactions (not covered by a credit line)
  • d) Execution of payment transactions (covered by a credit line)
  • e) Issuing payment instruments or acquiring payment transactions
  • f) Money remittance
  • h) Issuing Electronic Money

Limits on the record

  • Restrictions placed on firm's authorisation
    Pursuant to regulation 11(1) of the Electronic Money Regulations 2011 (the “EMR”), the Financial Conduct Authority (“the Authority”) has decided to vary the authorisation granted to Syncom (UK) Limited (the “Firm”) pursuant to Part 2 of the EMR by imposing the following requirements (the “Requirements”) on the Firm with immediate effect. 1. The Firm must not, without the prior written consent of the Authority, provide any electronic money services for which it is authorised by the Authority pursuant to Part 2 of the EMR or payment services as defined under regulation 2(1) of the Payment Services Regulation 2017. 2. The Firm must not, without the prior written consent of the Authority, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of its own assets, and any funds it holds for, or to the order of, its customers (whether in the United Kingdom or elsewhere). 3. The Firm must ensure that all relevant funds are appropriately ringfenced in a designated safeguarding account or accounts. For the avoidance of doubt, if complying with this provision of the Requirements requires a transfer between accounts, this must be done with the prior written consent of the Authority. 4. The Firm must by 19 April 2022 notify in writing all customers and its agents of the imposition and effect of these Requirements in a form to be agreed in advance with the Authority. 5. By 19 April 2022, the Firm must display, in a prominent place on its website www.syncom.io and any other communication channels, including for example but not limited to, mobile applications, a notice setting out the terms and effects of these Requirements in a form to be agreed in advance with the Authority. 6. The Firm must provide written confirmation to the Authority that it is in compliance with these Requirements by 19 April 2022, until such time as it is notified in writing by the Authority that it may cease to do so. 7. The Firm must use best endeavours to ensure any EMD agents used by the Firm notify in writing all of the EMD agents’ customers of the Firm of the imposition and effect of these Requirements in a form to be agreed in advance with the Authority. 8. The Firm must secure and preserve all records and/or information (physical or electronic) relating to electronic money services from its systems in their original form, or in a copy proved to be identical to the source material. These must be retained in a form and at a location within the United Kingdom, to be notified to the Authority in writing by 19 April 2022, such that they can be provided to the Authority, or to a person named by the Authority, promptly on its request. These Requirements shall take immediate effect and remain in force unless and until varied or cancelled by the Authority (either on the application of the Firm or of the Authority’s own volition).

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.

Concerns on the company record

  • Companies House records this company in liquidation, but it is still authorised on the FCA register.
  • Accounts are overdue at Companies House.
  • Confirmation statement is overdue at Companies House.
  • This company has insolvency history on record.
Company number
08605513
Company status
Liquidation
Company type
Private limited company
Incorporated
11 July 2013 (13 years old)
Registered office
Export House, Cawsey Way, Woking, GU21 6QX, England
Nature of business
  • Information technology consultancy activities (SIC 62020)

Directors and company secretaries

Name Role Born Appointed Other companies
Shahid Azeem Director Dec 1958 11 Jul 2013 24 other companies

Other companies run by its director

A firm is run by people, and their other companies are their track record: what they built, what closed, and anything that failed. It is the check most people never think to make.

other companies
24
closed down
9
is FCA-registered
1

In the full report: all 24 companies, named

  • What each company does, and whether it is still trading
  • Which of its director sits on each board, and since when
  • Any that went into liquidation or administration
  • The one on the FCA register
  • All 6 people who have ever been directors, with their dates
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Filed accounts and finances

Year to 31 December 2021Small company accountsNot audited

Net assets

£171k

Up £230k from −£59.0k

Cash at bank

£60.2k

−70% from £203k

Employees (average)

1

Same as 1

Owed within a year

£23.7k

−89% from £222k

Its next accounts are overdue at Companies House.

Assets and liabilities

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 08605513. 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

Syncom (UK)’s history from the FCA register and Companies House, newest first.

Key events (5) All events (18)

2022

8 April 2022

  • FCA imposed a requirement (Restrictions placed on firm's authorisation)

FCA register

2021

18 February 2021

  • Became an authorised e-money institution

FCA register

2020

20 August 2020

  • Regulated by the FCA from this date

FCA register

2016

1 July 2016

  • Shahid Azeem took control (75–100% of shares)

Companies House

2013

11 July 2013

  • Incorporated at Companies House

Companies House

In the full report: all 18 events

  • All 18 events in its history (5 shown here)
  • Every director appointment and resignation: 11
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Firms connected to Syncom (UK)

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

connected firm
1
share a director
1

In the full report: the connected firm, named

  • How it is linked: shared directors (1)
  • Who links it to this firm: the named directors, with dates
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Firms like Syncom (UK)

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

In the Guildford (GU) postcode area

Brit FX LimitedGuildfordRegisteredClarity LimitedWokingAuthorisedCurrency Clear LimitedRegisteredLarstal LimitedFleetAuthorisedPayver LimitedWokingRegisteredPetricore Partners LimitedFarnhamAuthorised

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 Syncom (UK)

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

  • 24 other companies its directors have run, named
  • 0 background checks on its contact details
  • All 18 events in its history
  • 1 connected firm, named, and who links them

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Frequently asked questions about this firm

Is Syncom (UK) Limited FCA authorised?
Yes, Syncom (UK) Limited (FRN 932543) is authorised by the FCA to carry out regulated activities. It is also in an insolvency process, under the control of insolvency practitioners, so deal with the appointed office holders rather than the firm. It has held its current authorisation since February 2021 and works as a payment or money transfer firm. The FCA has placed a limit on what it may do.
Is Syncom (UK) a scam or clone?
Syncom (UK) is a genuine FCA-listed firm, and the FCA has published no warnings about fake versions of it. Scammers do copy real firms, though, so check that any contact details you were given match the ones on the register.
Is my money safe with Syncom (UK)?
Syncom (UK) is under the control of insolvency practitioners, so money it held is returned through the appointed office holders rather than by the firm. That takes time and can fall short. Where money is missing, the FSCS covers eligible claims up to its limits, and the Financial Ombudsman Service can still consider a complaint.
Who owns Syncom (UK)?
Companies House lists one person with significant control of Syncom (UK): Mr Shahid Azeem (75–100% of shares).
Who runs Syncom (UK)?
Companies House lists one director of Syncom (UK): Shahid Azeem.
How long has Syncom (UK) been in business?
The company was formed on 11 July 2013. Companies House now lists it as liquidation.
What do Syncom (UK)’s latest accounts show?
Its latest accounts, to 31 December 2021, show net assets of £171k (up £230k from −£59.0k) and cash at bank of £60.2k (−70% from £203k). Its accounts are overdue at Companies House.
Does Syncom (UK) use any other names?
It trades as Hello E Wallet and i-epay.

Sources and links

The full report on Syncom (UK) Limited

£19.99 · Instant PDF download

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