High Court appoints special administrators over EES

Duncan Perring and James Bennett of Teneo Financial Advisory Limited were appointed special administrators over Euro Exchange Securities UK Ltd (EES) by the High Court on 11 June 2026, under the Payment and Electronic Money Institution Insolvency Regulations 2021¹. The Financial Conduct Authority said the administrators had taken control of the firm and had secured a significant amount of material and frozen funds¹.

The appointment followed action by the regulator. On 4 June 2026 the FCA said it had required EES to cease carrying on any regulated electronic money or payment services and had successfully applied to the court for the appointment of interim managers, citing serious concerns about the way EES had operated its business indicating significant risks of financial crime¹. A First Supervisory Notice published on 2 August 2026 confirmed that EES could not carry on electronic money services or payments services, and placed an assets requirement on the firm requiring it, among other things, not to return, transfer or deal in electronic money and to ensure all relevant funds were appropriately ringfenced in a designated safeguarding account¹.

On 18 September 2026 the FCA said it was investigating potential offences by EES¹. It said that between 1 February 2020 and 4 June 2026 the firm may have committed offences under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017¹. The possible failures set out by the regulator concern identifying and assessing money laundering risks, including in relation to customers, the countries or geographic areas where it operated, its services, its transactions and delivery channels, and documenting and updating that assessment¹. The FCA also cited possible failures to establish and maintain policies, controls and procedures to mitigate and manage those risks, including in customer due diligence, ongoing monitoring controls, internal governance and oversight, resourcing and allocation of responsibilities, and record-keeping and escalation and reporting mechanisms¹.

Why it matters for households

EES is no longer able to carry on electronic money services or payments services, so customers cannot use it to hold or move money¹. The assets requirement placed on the firm means it must not return, transfer or deal in electronic money, and relevant funds must be ringfenced in a designated safeguarding account¹. The special administrators have taken control of the firm and secured material and frozen funds¹. The FCA has not reported a timetable for returning money to customers, and no outcome for customers has been reported.

The investigation covers conduct alleged to have occurred between 1 February 2020 and 4 June 2026¹. The FCA has not reached conclusions on whether EES breached any relevant requirements¹. No findings have been made against the firm.

What happens next

The FCA's investigation into potential offences by EES is open, with no conclusions reached¹. The special administrators appointed on 11 June 2026 remain in control of the firm¹. The First Supervisory Notice was published on 2 August 2026¹. No further dates have been reported.

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