Harry WellsHalo Financial Limited – a firm authorised by the FCA to provide foreign exchange services – has entered special administration under the Payment and Electronic Money Special Administration Regime (PESAR). Bai Cham and Louise Longley of BTG Begbies Traynor were appointed joint special administrators of the firm on 29 May 2026, following an application by its directors who had concluded that the firm was insolvent.
Womble Bond Dickinson (UK) LLP assisted the directors with the PESAR application and are retained to advise the special administrators. A multidisciplinary team is led by Amy Gallimore, Partner (Restructuring & Insolvency) in conjunction with our Financial Regulation team headed by Michael Lewis.
Halo, which had traded for around 20 years, provided foreign exchange and international payment services to private and corporate clients in the UK. In the 12 months before the administration, the firm had around 3,000 active trading customers and employed approximately 30 staff. Average turnover in the three years preceding the administration was c£344m per year.
The special administration followed a sustained period of cash flow pressure. The business had undergone major changes to its banking and operating arrangements while also implementing a significant migration to a new software platform. That transition proved more complex and costly than anticipated, delaying efficiencies and increasing operating strain which was exacerbated by a 2025 acquisition.
Halo had agreed to a voluntary undertaking with the FCA with effect from 30 April 2026, restricting the firm from conducting payment services, onboarding new customers, accepting additional funds from existing customers, and opening new foreign exchange trades or positions without prior written consent.
Upon appointment, Halo’s special administrators have been undertaking a wide reconciliation exercise and will be communicating the position to customers as soon as practicable while maintaining dialogue with the FCA and key stakeholders.