The Financial Conduct Authority (FCA) in the UK has announced the special administration of a payment services firm as of February 10, 2025. This situation arises as the company’s directors determined that the firm is insolvent.
The administrators appointed for this case include professionals from Leonard Curtis (UK) Limited, who will be responsible for overseeing the process. The involved parties are tasked with evaluating the client funds that are safeguarded by the firm and managing any claims from customers to facilitate the return of their funds when feasible.
This payment services firm, which has been authorized by the FCA, previously issued electronic money across various currencies and offered services through e-wallets and prepaid cards. However, in August 2023, the FCA intervened and suspended the company’s ability to provide electronic money services due to significant concerns regarding compliance with anti-money laundering regulations.
Further complicating the situation, the Upper Tribunal dismissed the firm’s plea to suspend these regulatory restrictions in February 2024, leading to the current state of administration.
Those who have funds held with the firm will receive guidance regarding how to claim their money, with more information expected within eight weeks of the administrator’s appointment. Customers needing additional assistance or information can reach out to the joint special administrators via email or telephone or check their dedicated webpage for updates.
It’s crucial for customers to stay vigilant against scams, as the special administrators will not initiate unsolicited phone calls to clients in this context.