Court orders appointment of special administrators for Euro Exchange Securities UK Limited

The High Court today confirmed the appointment of special administrators for Euro Exchange Securities UK Limited (EES).

EES did not seek to overturn the court’s initial decision[1], which saw the firm cease trading with immediate effect last week.

EES agreed it is not in the company’s interests to seek to return to normal trading and will work with the appointed special administrators to ensure client money is returned as quickly as possible.

Duncan Perring and James Bennett of Teneo Financial Advisory Limited have been appointed as joint special administrators, under the Payment and Electronic Money Institution Insolvency Regulations 2021.

Since being provisionally appointed last week, they have taken control of the firm, secured a significant amount of material and frozen funds.

This is the first of its kind case for the FCA, and it will continue to use its powers to their fullest extent to protect consumers and the integrity of the markets. It did so after lengthy engagement with the firm and because of serious concern with the way EES operated its business, which indicated significant financial crime risk. The FCA acted with partners across government, including the Security Industry Authority, as part of joint strategies to disrupt financial crime.

Matthew Long, director, payments and digital assets, FCA said: 'The risk of payment firms being used by criminals to launder cash to fund other offences is significant, which is why they must meet expected standards. Fighting financial crime is at the heart of our strategy – and that means using our powers to their fullest extent to protect consumers and the integrity of the financial system.'

Notes to editors

On 4 June 2026, the FCA required EES to cease carrying out any regulated electronic money or payment services and, on the FCA’s application, interim managers were appointed by the Court over EES.
The FCA acted based on serious concerns around the way EES operated its business indicated there were significant risks of financial crime. This includes systemic weaknesses in the firm’s financial crime framework and safeguarding arrangements, alongside its ownership and governance.
The special administrators are responsible for managing customer claims against the firm and returning funds to customers where possible.
If you have any questions regarding the special administration process, please contact the special administrators directly by emailing [email protected].

Information for EES customers

What should I do if I have money with EES?

Customers should contact the special administrators if they are concerned or believe their money is held by EES by emailing [email protected].

Are my funds protected by the Financial Services Compensation Scheme (FSCS)?

No. The FSCS[2] only applies to certain types of activity. This does not include electronic money or payment services. E-money firms need to comply with requirements on how customers’ money should be protected, known as ‘safeguarding’.

Safeguarded funds

When EES provided regulated electronic money or payment services activities it was required to hold money separately for those customers. Safeguarding is a key consumer protection measure within the EMRs. The purpose of safeguarding is to protect customer funds 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.

What is a Special Administration?

This is similar to an ordinary administration, where a licensed professional takes control of a company to manage day-to-day affairs. However, with special administration, there are additional objectives of returning customer funds as soon as reasonably practicable and ensuring timely engagement with payment system operators and the authorities, including the FCA.

Is the FCA overseeing the Special Administration?

Following the special administration order, the special administrators are responsible for EES but it continues to be FCA authorised and remains subject to our rules. The special administrators are officers of the Court and need to comply with all insolvency law. The special administrators have statutory objectives which include engaging with authorities, including the FCA. We will work with the special administrators throughout the administration.

Do I need to use a third party to get my money back?

If you are approached by a company offering to help you recover your money, you should proceed with caution. For most of the firm’s clients, there will be no benefit in involving a third party in making a claim.

If you have any questions about the special administration process, please contact the special administrators by emailing [email protected].

Being alert to scams

All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from EES, Teneo or the FCA, please end the call and contact them directly. Find out more about protecting yourself from scams[3].

First published: 11/06/2026 Last updated: 11/06/2026