E-money issuer Ipagoo enters administration

Ipagoo, authorised and supervised by the Financial Conduct Authority (FCA) to issue e-money and provide payment services under the Electronic Money Regulations (EMRs) 2011, has entered administration.

Following the announcement, the firm can no longer carry on any regulated activities, it must not dispose of its assets or any of the funds it holds in relation to e-money services, and it has to set out a statement on its website to communicate to customers that it is no longer permitted to conduct any regulated activities.

On 1 August 2019, Ipagoo appointed Jason Baker and Geoff Rowley, partners at specialist business advisory firm FRP Advisory LLP, as joint administrators.

Ipagoo holds funds on behalf of its customers. As part of the administration, the administrator will carry out an assessment of the safeguarded funds held by the firm to confirm the current position and, once complete, will return the funds to customers.

However, the FCA stressed that Ipagoo safeguarded funds are not protected by the Financial Services Compensation Scheme (FSCS), as it does not apply to those firms issuing electron money or payment services.

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