The UK 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, 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 UK Financial Conduct Authority (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.

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.