The Financial Conduct Authority announced that the High Court has confirmed the appointment of joint special administrators for Euro Exchange Securities UK Limited, after the firm was required to stop regulated electronic money and payment services on 4 June 2026. Euro Exchange Securities UK did not seek to overturn the court’s initial decision and agreed it is not in the company’s interests to return to normal trading. The special administration will now focus on handling customer claims and returning client money where possible. Duncan Perring and James Bennett of Teneo Financial Advisory Limited were appointed under the Payment and Electronic Money Institution Insolvency Regulations 2021. Since their provisional appointment last week, they have taken control of the firm, secured a significant amount of material and frozen funds. The FCA said it acted after lengthy engagement with the firm and serious concerns about how it operated, including systemic weaknesses in its financial crime framework and safeguarding arrangements, alongside concerns over ownership and governance that indicated significant financial crime risk. The regulator described the case as its first of this kind under the regime.
Financial Conduct Authority2026-06-11
Financial Conduct Authority secures High Court appointment of special administrators for Euro Exchange Securities UK after financial crime concerns
The Financial Conduct Authority said the High Court has confirmed the appointment of joint special administrators for Euro Exchange Securities UK Limited after the firm was stopped from providing regulated electronic money and payment services. The firm will not seek to resume normal trading, and the administrators will manage customer claims and return funds where possible. The FCA said it intervened because of serious financial crime, safeguarding, ownership and governance concerns.