Viola Money (Europe) Limited (Viola) is an authorised electronic money institution, authorised by the FCA under the Electronic Money Regulations 2011 (EMRs).
On 21 December 2021, a special administration order was made by the Court in relation to Viola under the Payment and Electronic Money Institution Insolvency Regulations 2021 and Edward George Boyle and James Robert Bennett of Interpath Advisory have been appointed as joint special administrators. The special administration process includes provisions to facilitate the return of customer funds by the special administrators.
The application for the special administration was made by the FCA and follows requirements imposed on Viola on 14 December 2021, which required it to cease all regulated electronic money and payment services. These requirements were imposed because we identified a number of serious concerns around the way that Viola operated its business and prevented the firm from dealing on behalf of its clients.
Viola’s special administrators are responsible for managing claims against the firm and distributing funds back to customers where possible. The special administrators are required to provide a report to creditors within 8 weeks of their appointment which will include details of their proposals and how customers should make a claim.
If you have any questions regarding the special administration process, please refer to the special administrators’ website which answers a number of frequently asked questions or contact the special administrators directly by email or telephone.
Joint special administrators contact details: