The FNG has learnt that the compulsory strike-off action against Finablr has been suspended. This becomes clear from a document filed today with the Companies House.

Last week, Finablr said that it received notice from the Registrar of Companies on 11 January 2022 that, unless cause is shown to the contrary within 2 months of the date of the notice, the company will be struck off the register and dissolved.

Finablr said back then it was in the process of resolving the queries raised by Companies House in relation to the striking off notice.

Earlier today, Finablr confirmed that its subsidiary Xpress Money has entered administration. The UK Financial Conduct Authority (FCA) has also confirmed that special administrators were appointed at Xpress.

The application for the special administration was made by the FCA in response to a winding-up petition brought against the firm, to help ensure better outcomes for affected customers.

Xpress’s joint special administrators are responsible for managing claims against the firm and returning funds to customers where possible. Customers should receive more information from them, including details on how to make a claim, within 8 weeks of appointment.

Unfortunately, customer funds are not protected by the Financial Services Compensation Scheme (FSCS), as FSCS only applies to certain types of activity. This does not include payment services.