Monevium Ltd enters special administration

The Payment and Electronic Money Institution Insolvency Regulations 2021 introduced a special administration regime for payment and e-money institutions. 

A special administration is similar to an ordinary administration with additional objectives of returning customer funds as soon as reasonably practicable and ensuring timely engagement with payment systems operators and the authorities, including the FCA.

If you’re concerned or have any questions, contact the special administrators for help or updates. 

Email: [email protected]. 

The special administrators will gather information from creditors and customers of Monevium about payments made to or owed by Monevium. 

Customers can also contact our Consumer Helpline[3] for more information.

All customers should remain alert to the possibility of fraud. If you are contacted by someone claiming to be from Monevium, S&W or the FCA, please end the call and call them back using the number above. More information about this can be found on our website[4].

No. The Financial Services Compensation Scheme (FSCS)[5] only applies to certain types of activity. This does not include payment services. 

Payments firms need to comply with requirements on how customers’ money should be protected, known as ‘safeguarding’.

When Monevium provided regulated payment services it was required to hold money separately for customers. This is called safeguarding and helps protect your money if a firm fails.  

The special administrators will carry out an assessment of all the customer funds held by the firm to confirm the current position.

The special administrators are now responsible for Monevium, but it continues to be FCA authorised and remains subject to our rules. The special administrators are licensed insolvency practitioners, and we will continue working with them during the special administration.

If you are approached by a company offering to help recover your money, be cautious. Most customers won’t benefit from using a third party to make a claim.  

If you have any questions about the special administration process, please contact the special administrators using the contact details above.