Regulations
By Steven Anderson
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Interim Managers Take the Wheel. The Court responded by appointing Duncan Perring and James Bennett, both from Teneo Financial…
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What the FCA Was Actually Worried About. The concerns the FCA raised aren't boilerplate. Regulators in the UK have spent years tightening…
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Euro Exchange Securities UK Limited got hit hard this week. The Financial Conduct Authority ordered the firm to stop all regulated electronic money and payment services effective…
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The FCA's move wasn't subtle. Regulators flagged what they called systemic weaknesses across EES's financial crime framework, its safeguarding practices, and the broader…
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The Court responded by appointing Duncan Perring and James Bennett, both from Teneo Financial Advisory Limited, as interim managers over EES.
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Perring and Bennett will keep that oversight role until at least June 11, 2026, when the matter goes back before the Court.
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EES gets its chance to argue on June 11. The firm will be able to present its side to the Court, and the outcome will basically determine whether there's a path back to normal…
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The concerns the FCA raised aren't boilerplate. Regulators in the UK have spent years tightening expectations around financial crime controls at payment institutions — anti-money…
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See also: FCA Opens Formal Probe Into CCL Over 28,000 Motor Finance Contracts
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Safeguarding is a separate but equally serious issue. Payment institutions and e-money firms are required to ring-fence customer funds — keep them separate from the firm's own…
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Put it all together and you can see why the regulator moved fast.
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Payment services regulation across Europe has gotten noticeably stricter over the past few years.
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EES probably didn't expect the intervention to escalate this quickly to a court-appointed management team. But that's where things stand.
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Read also: FCA Targets Crypto Sponsorship Deals at Premier League Clubs Over Fan Risk
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Perring and Bennett are now running the show at EES on an interim basis. Their job is to keep the firm stable, make sure it's not doing anything that makes the situation worse,…
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