The FCA on Thursday required London-based e-money firm Euro Exchange Securities UK Limited to cease all regulated electronic money and payment services, citing financial crime risks.
On the same day, the Court appointed interim managers over the firm on the FCA’s application, under the Payment and Electronic Money Institution Insolvency Regulations 2021.
The regulator said concerns about the way the firm operated its business pointed to weaknesses in its financial crime framework, safeguarding arrangements, ownership, and governance. The FCA said those risks could have affected consumers and market integrity.
Duncan Perring and James Bennett of Teneo Financial Advisory Limited were named as interim managers. They are officers of the Court and will temporarily oversee the firm’s affairs until the next hearing.
Euro Exchange Securities UK, also known as EES, was incorporated in 2007 and gained electronic money institution status in 2018. Companies House records show Luis Alberto Gasparini holds 75% or more of the voting rights and can appoint or remove directors.
EES will be heard on 11 June, after which the Court may lift the current order or place the firm into special administration.
