FSA Gets New Freeze Order Against Online Bank-Services Firm

The Financial Services Authority won a court order extending a freeze on some MonoBank Plc (WNW) assets, arguing the online bank services company can’t solicit business in the U.K. because it isn’t conducting business properly and may not be authorized in the country.

Judge Guy Newey in London also renewed an order requiring MonoBank to disclose information the FSA is seeking by tomorrow. The extended deadline was suggested by the company, said Ian Smith, a lawyer for the financial regulator.

MonoBank, founded in 2004 and headquartered in London, offers prepaid credit cards and services on the Internet to the “credit challenged” and small-business market in North and South America, Europe and Asia, according to its website. Its shares are listed on in Frankfurt.

The company and its lawyers weren’t in court today. A call to a number listed on the company website wasn’t answered by MonoBank.

The case is: The Financial Services Authority v. MonoBank.

To contact the reporters on this story: Lindsay Fortado in London at lfortado@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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