A court issued a special administration order for Monneo Ltd. on May 30, 2023, according to the UK Financial Conduct Authority (FCA). This order was made under the Payment and Electronic Money Institution Insolvency Regulations 2021.
The Directors of Monneo, an authorized payments institution regulated by the Financial Conduct Authority, applied to court because the company was insolvent. As a result, Daniel Conway, David Hudson and Paul Allen of FRP Advisory were appointed joint special administrators.
Monneo’s JSAs are responsible for resolving claims and refunding customers where possible. Customers should be informed about this process within eight weeks of their appointment.
Those with questions can go to the FRP Advisory website to see faqs or contact them:
- Email: monneo@frpadvisory.com
- Website: www.monneo.com
- Telephone: ++44 (0)20 3005 4000
Customers’ money is not guarded by the Financial Services Compensation Scheme (FSCS). The FSCS only applies to certain kinds of activities, and this does not include payment services. According to the Payment Services Regulations, which payment firms have to follow, there are rules on how customers’ money needs to be protected, and these rules are called:
- “safeguarding”.
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