The Payment and Electronic Money Institution Insolvency Regulations 2021 introduced a special administration regime for payment and e-money institutions.

This is similar to an ordinary administration, with additional objectives of returning customer funds as soon as reasonably practicable and ensuring timely engagement with payment systems operators and the authorities, including the FCA.

If you’re concerned or have any questions, contact the special administrators for help or updates.  

Email: [email protected]

The special administrators will gather information from creditors and customers about payments made to, or owed by, EPS and will provide more information on how to make a claim in due course.  

Customers can also contact our Consumer Helpline for more information. 

No. The Financial Services Compensation Scheme (FSCS) only applies to certain types of activity and does not cover payment services.

E-money firms need to comply with requirements on how to protect customers’ money should be protected, known as ‘safeguarding’. This means the firm was required to hold money separately for its customers.

The special administrators will assess all funds held by the firm to confirm the current position.

The special administrators are now responsible for EPS, but it continues to be FCA authorised and remains subject to our rules.  The special administrators are officers of the court and must comply with insolvency law.

They have statutory objectives, including engaging with relevant authorities such as the FCA and we will continue working with them during the special administration. 

If you are approached by a company offering to help you recover your money, you should proceed with caution. 

For most of the firm’s clients, there will be no benefit in involving a third party in making a claim.    

If you have any questions about the special administration process, please contact the special administrators using the contact details above.