PPS Money Enters Liquidation: Customers Face Uncertain Future in Remittance Crisis

Premier Payment Solutions Ltd is gone. The company, which traded as PPS Money, entered liquidation on September 10, 2026 — and the clock is now ticking for anyone who sent money through it.

Bai Cham and Gary Shankland of BTG Begbies Traynor were appointed joint liquidators that same day. Their job, basically, is to figure out who’s owed what, collect whatever assets remain, and try to get funds back to customers. It’s a messy process at the best of times. For a small payment institution without mandatory safeguarding requirements, it can be even messier.

PPS Money wasn’t a household name.

But it was a licensed operation — registered with the Financial Conduct Authority as a small payment institution under the Payment Services Regulations 2017. It ran a network of FCA-registered agents, both businesses and individuals, who handled cross-border money-remittance transactions on its behalf. Customers used it to move money internationally, often to places where traditional banking options are limited or slow. The company’s directors apparently concluded at some point that the business couldn’t keep going. No details on the exact trigger. Unclear whether debts, operational costs, or something else pushed them over the edge. What’s clear is that they made the call, and now the liquidators are in charge.

How Customers File a Claim

If you think PPS Money owes you money, the path forward is direct. Contact the joint liquidators at [email protected]. That’s the official channel. Don’t wait for someone to reach out to you — the liquidators need information from customers to assess claims properly, and sitting on the sidelines probably won’t help your case.

The liquidators are gathering comprehensive data: payments made to the firm, payments owed by the firm, outstanding balances. Once they’ve built that picture, they’ll assess the claims and figure out how any remaining funds get distributed. No timeline has been given publicly. These processes can drag on.

One thing that’s pretty much certain: the Financial Services Compensation Scheme won’t help here. The FSCS covers customers of banks, insurers, and investment firms — not small payment institutions like PPS Money. So if you’re hoping for a government-backed safety net, there isn’t one. That’s not a quirk of this particular case. It’s a structural feature of how small payment institutions operate under the 2017 regulations. They’re not required to ring-fence or safeguard customer funds the way larger, fully authorized firms are. Which means when things go wrong, customers are exposed.

Read also: FCA Permanently Bans Blue Horizon’s Paul Taylor and Esmeralda Toni for £200M Fraud

That’s a hard lesson.

Watch Out for Scams and Fee-Charging Recovery Firms

The FCA has a standing warning on situations like this, and it applies directly here. If you get an unexpected call from someone claiming to be from PPS Money, BTG Begbies Traynor, or the FCA itself — hang up. Then verify independently through official channels before doing anything else. Liquidations attract fraudsters. It’s a known pattern. People in financial distress are easier targets, and scammers know it.

There’s another risk that’s less dramatic but still costs people money. Claims Management Companies and law firms sometimes swoop into situations like this, offering to help recover funds — for a fee. Sometimes a significant fee. The FCA’s advice, and the liquidators’ advice, is to deal directly with Cham and Shankland’s team rather than paying a middleman. Any money handed over to a recovery firm is money that isn’t going back into your pocket.

So the guidance is simple: go straight to [email protected]. Skip the intermediaries.

What Happens to PPS Money’s Agent Network

PPS Money’s FCA registration technically remains active for now. The firm still has regulatory obligations to meet even as it winds down. But the practical question hanging over the situation is what happens to the network of agents who were operating under PPS Money’s umbrella. These agents — businesses and individuals who provided payment services on the company’s behalf — are now in an uncertain position. Their obligations, their own customer relationships, and whether they can or should continue operating are all unclear. The liquidators haven’t said much publicly about the agent network specifically. Probably something that gets worked out as the process unfolds.

More context: EU Cyber Resilience Act Mandates 24-Hour Breach Reporting for Crypto Wallet Firms

Cross-border remittance is a sector that’s seen a lot of disruption in recent years. Fintech challengers, crypto rails, traditional banks getting leaner — the competitive pressure on small payment institutions has been real. PPS Money isn’t the first small remittance operator to hit the wall, and it won’t be the last.

Customers with pending transfers or balances sitting with the firm should move quickly. Get your documentation together — transaction records, confirmation emails, anything that shows what you sent and when. The liquidators need that information to assess your claim accurately, and the more organized you are, the better your chances of being taken seriously in the queue.

The joint liquidators can be reached at [email protected].