On 30 April 2013, the FCA published the Final Notice issued to Horn Express Ltd (formerly known as Quaran Express Money Transfer Limited), a money transfer company authorised by the FCA under the Payment Services Regulations 2009 (PSRs). The FCA has censured Horn for failing to safeguard and segregate customer funds in breach of Regulation 19 of the PSRs (safeguarding requirements). The FCA would have imposed a fine of £95,400 (taking account of a Stage 1/30% reduction) had the firm not produced verifiable evidence that imposing a fine would have caused it serious financial hardship. This is the first time that a public sanction has been imposed on a payment institution authorised under the PSRs for misconduct under the PSRs (other than for failures to comply with minimum conditions for registration or authorisation).