The Financial Services Commission has issued a warning about a locally-registered company that handles payments for internet porn sites.

The FSC said that SegPay, the trading name for Gibraltar-registered Segregated Payments Limited, may be offering online payment services in or from Gibraltar without the necessary licence.

It added that SegPay websites appeared to have been configured in a way that associated them with the word ‘Gibraltar’, even though the word itself did not feature on the web domains.

“Segregated Payments Limited may therefore be carrying on payment services activities in or from within Gibraltar,” the FSC said in a statement.

“Segregated Payments Limited is not regulated by the FSC, nor licensed under the Financial Services (EEA) (Payment Services) Regulations 2010, to carry on payment services activities in or from within Gibraltar.”

The FSC urged the public to exercise “appropriate caution” while its investigation continued.

from www.chronicle.gi 0 SegPay operates from Florida and describes itself as an Internet Payment Service Provider offering secure payment solutions for webmasters.

Among other sectors, the company is one of the leading payment service providers for the online adult industry.

SegPay chief executive Cathy Beardsley said the company, which has operated in Gibraltar since July 2010, was responding to the FSC warning.

“We are aware of the situation and are working with the FSC authorities in Gibraltar to resolve,” she told the Chronicle in an email.