Contis Financial Services Limited (CFSL) enters special administration

The Payment and Electronic Money Institution Insolvency Regulations 2021 introduced a new special administration regime for payment and e-money institutions.

A special administration is similar to an ordinary administration however, the special administrators have an additional objective of returning customer funds as soon as reasonably practicable.

Customers should visit the special administrators’ dedicated portal[1] for updates and FAQs. Customers can find independent financial support through MoneyHelper[2].  

Customers can also contact the FCA Consumer Helpline: 0800 111 6768. 

E-money firms like CFSL provide e-money activities through distributors who distribute or redeem e-money. Where an e-money firm appoints distributors, the e-money firm remains responsible for the activities of the distributors.

Customers should visit the special administrators’ dedicated portal[2] for updates and FAQs. Customers can find independent financial support through MoneyHelper[3].

Customers can also contact the FCA Consumer Helpline: 0800 111 6768.

If you have an alternative account, please inform your benefit provider or employer of account details with the other provider. If you do not have an alternative account – please set one up and notify your benefit provider or employer. You can find independent financial support from MoneyHelper[5].

Customers should visit the special administrators’ dedicated portal[4] for updates and FAQs.

Customers can also contact the FCA Consumer Helpline: 0800 111 6768.

No. The FSCS only applies to certain types of activity. This does not include payment services.

Regulated payment and e-money firms must comply with requirements on how customers’ money should be protected, known as ‘safeguarding’.

CFSL was required to hold money separately for its customers. This is referred to as safeguarded funds.

Safeguarding funds is a key measure to protect customer money if a firm fails.

The special administrators will carry out an assessment of all funds held by CFSL to find out which are safeguarded for customers, and which belong to CFSL.

Distributors should contact the special administrators directly for further information.

The special administrators, Joshua James Dwyer and Robert Spence of Interpath Limited, are responsible for CFSL. However, CFSL continues to be FCA-authorised.

The special administrators are officers of the court and must comply with all insolvency law. The individuals appointed are authorised to act as licensed insolvency practitioners by the Institute of Chartered Accountants in England and Wales (ICAEW).

The special administrators have statutory objectives which include engaging with authorities, including the FCA, and we will work with them as appropriate.

All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from CFSL, the special administrators or the FCA, please end the call and contact them directly. 

Find out more about protecting yourself from scams[-1].

If you are approached by a company offering to help you recover your money, you should proceed with caution. For most of CFSL’s customers, there will be no benefit in involving a third party in making a claim.