FCA announces more firm failures

The FCA has announced that two more firms have failed:

• Argentex LLP, authorised to provide e-money and payment services and also wealth management, went into special administration under the Payment and EMI Insolvency Regulations. Argentex is part of a group containing a number of non-FCA regulated entities; and
• Fund Ourselves Limited, a high cost short term lender which also operated a small P2P lending platform facilitating crowdfunded loans used to finance HCST loans, has gone into administration following FCA restricting its permissions in April. It is no longer lending or accepting P2P investments but all existing loan arrangements remain in place.