Regulations
By Maheen Hernandez
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FCA's Concerns About Financial Crime at EES. The Financial Conduct Authority moved on EES after identifying what it called serious concerns…
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What Happens to Customer Funds Now. The special administration process exists specifically for situations like this — where a payment…
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Euro Exchange Securities UK Limited is done. The High Court confirmed special administrators for the firm last week, and EES ceased trading immediately — the company itself said…
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Duncan Perring and James Bennett from Teneo Financial Advisory Limited are now running the show as joint special administrators.
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The Financial Conduct Authority moved on EES after identifying what it called serious concerns about the firm's business operations — specifically, a high risk of financial crime.
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What the FCA found was pretty damning. Examiners flagged systemic weaknesses in EES's financial crime framework and in its governance structure.
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And the FCA didn't act alone. It worked with the Security Industry Authority and other government partners in what the regulator called an unprecedented collaborative effort.
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The FCA's line is that payment firms need to meet expected standards, full stop. Firms that don't, it warned, risk becoming tools for criminals.
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More context: FCA Pulls Over 1,000 Car Finance Ads as 28,000 Consumers Exit Contracts Free
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The special administration process exists specifically for situations like this — where a payment institution or e-money firm collapses and customer funds need protecting.
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Perring and Bennett are now working through that process. The timeline isn't certain yet. No details have been given publicly about the total value of funds frozen or the number…
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For anyone who held funds with EES, the practical step is to contact the Teneo team directly. The administrators have set up the dedicated email address for exactly that purpose.
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The broader context matters here. Payment institutions and e-money firms have expanded fast across the UK and Europe over the past several years, and regulators have struggled to…
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But the special administration route is still rare. The FCA called it unprecedented for its own involvement, and using the Payment and Electronic Money Institution Insolvency…
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See also: FCA Hits Devon Fraudster Daniel Pugh With £452,286 Confiscation Order
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