The United Kingdom's Financial Conduct Authority has required Euro Exchange Securities UK Limited to cease carrying out any regulated electronic money or payment services, and the Court has appointed interim managers over the firm on the FCA's application. The action follows serious concerns about how EES operated its business, which indicated significant risks of financial crime and potential harm to consumers and market integrity. The concerns included systemic weaknesses in the firm's financial crime framework and safeguarding arrangements, alongside issues relating to ownership and governance. The Court made the interim manager appointment under the Payment and Electronic Money Institution Insolvency Regulations 2021. Duncan Perring and James Bennett of Teneo Financial Advisory Limited have been appointed to oversee EES' affairs on an interim basis. EES will have an opportunity to be heard on 11 June 2026. After that hearing, the Court may lift the current order or place the firm into special administration.
Financial Conduct Authority2026-06-05
United Kingdom's Financial Conduct Authority orders Euro Exchange Securities UK Limited to stop electronic money and payment services and secures interim managers
The UK Financial Conduct Authority has required Euro Exchange Securities UK Limited to cease all regulated electronic money and payment services, and the Court has appointed interim managers under the Payment and Electronic Money Institution Insolvency Regulations 2021. The action follows serious concerns over systemic weaknesses in EES’ financial crime framework, safeguarding, ownership and governance, which the FCA considers pose significant risks to consumers and market integrity. EES will be heard by the Court on 11 June 2026, after which the Court may lift the order or place the firm into special administration.