FCA confirms entry of Monneo Ltd into special administration
The UK Financial Conduct Authority (FCA) has confirmed that on 30 May 2023, a special administration order was made by the Court in relation to Monneo Ltd under the Payment and Electronic Money Institution Insolvency Regulations 2021.
Daniel Conway, David Hudson and Paul Allen of FRP Advisory have been appointed joint special administrators (JSAs).
Monneo is an authorised payments institution, authorised by the FCA under the Payments Services Regulations 2017.
The Directors of the firm applied to court as they reached the conclusion that the firm was insolvent.
Monneo’s JSAs 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 eight weeks of appointment.
Customers should contact the joint special administrators at FRP Advisory with any concerns. Their website contains frequently asked questions (FAQs) and you can contact them directly by email or telephone:
- Website: www.monneo.com
- Email: firstname.lastname@example.org
- Telephone: ++44 (0)20 3005 4000
Customer funds are not protected by the Financial Services Compensation Scheme (FSCS). The FSCS only applies to certain types of activity. This does not include payment services.
Under the Payment Services Regulations (PSRs), by which regulated payments firms must comply, there are requirements on how customers’ money should be protected, and these requirements are known as ‘safeguarding’.
Monneo is not currently providing payment services. On 6 April 2023, requirements were imposed on Monneo to cease all regulated payment services due to concerns that the firm was not meeting its conditions of authorisation.
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 JSAs using the contact details above.