On October 6, 2025, a notable event occurred as Currency Matters Limited was placed into special administration, adhering to the Payment and Electronic Money Institution Insolvency Regulations of 2021. This shift in status led to the appointment of Frank Ofonagoro and Allister Manson from Opus Business Advisory Group as joint special administrators.
Currency Matters held authorization from the UK Financial Conduct Authority (FCA) to offer payment services to both corporate and retail clients. However, on September 1, 2025, the FCA imposed limitations on the firm regarding certain activities. Subsequently, the directors determined that Currency Matters was insolvent and sought a special administration order from the court.
As special administrators, Ofonagoro and Manson will oversee managing customer claims against the company, ensuring the return of funds to clients wherever feasible. Customers are encouraged to reach out to the special administrators via email at currencymatters@opusllp.com with any inquiries. The special administrators will aim to collect pertinent information from both creditors and customers regarding any payments made to or owed by Currency Matters.
It is important to note that the Financial Services Compensation Scheme (FSCS) applies to specific types of activities but does not extend to payment services. Firms in the payments sector are mandated to comply with safeguarding requirements that dictate how customers’ money should be protected. This means Currency Matters was obligated to segregate customer funds from its own. The special administrators will conduct a thorough assessment to distinguish between safeguarded funds, belonging to customers, and those that are part of the firm’s finances. Following this evaluation, they will initiate the process of refunding customers.
As this situation unfolds, customers should remain informed about their options and the necessary steps they need to undertake to recover their funds, while the special administrators work to facilitate a resolution.