Laura WilesCurrency Matters Limited – a firm authorised by the FCA to provide payment services to corporate and retail clients – has entered into special administration.
Frank Ofonagoro and Allister Manson of Opus Restructuring were appointed joint special administrators of the firm on 6 October 2025. The directors had applied to court for a special administration order, having concluded that the firm was insolvent.
Following discovery of alleged misappropriation of funds, the FCA had imposed restrictions on the firm in order to limit its activities on 1 September 2025 in order to safeguarding any remaining customer funds. The company is currently pursuing legal action in relation to the alleged misappropriation.
As at the date of the appointment, the joint special administrators have identified that customers are likely to suffer a shortfall in funds, but have not yet quantified the extent of the deficit. They have also discovered that in many instances, the firm’s books an records are incomplete or inadequate.