The UK Financial Conduct Authority (FCA) today confirmed that Sukate & Bezeboh Ltd (SB Remit) has entered administration.

Charles Turner and Frank Ofonagoro were appointed as joint administrators.

SB Remit is a small payment institution authorised by the FCA to provide payment services.

On 13 May 2026, SB Remit agreed to a voluntary undertaking, which restricted the activities it could undertake. These measures included restrictions preventing the firm from accepting new customer funds.

On 22 May 2026, Charles Turner and Frank Ofonagoro of Opus Restructuring LLP were appointed as joint administrators.

The joint administrators are responsible for:

• Managing customer claims against SB Remit.
• Returning funds to customers where possible.

As SB Remit continues to be authorised by the FCA, the regulator will engage with the joint administrators to seek the best outcomes for customers.

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