Opus Partners Appointed Special Administrators to Currency Matters

Frank Ofonagoro and Allister Manson of Opus Restructuring & Insolvency have been appointed joint special administrators of Currency Matters Limited (CML) by order of the High Court on 6 October 2025, under the Payment and Electronic Money Institution Insolvency Regulations 2021 (PEMIIR).

The Liverpool-based payments and foreign exchange provider had already ceased trading before the appointment, after the Financial Conduct Authority (FCA) issued a supervisory notice on 1 September 2025 in response to suspected misappropriation of client funds. The FCA’s intervention was intended to safeguard any remaining protected balances while the firm’s financial position was assessed.

According to Opus, the suspected misappropriation has created a potential shortfall in customer funds that CML cannot meet due to insufficient liquidity. The directors determined that entry into special administration was the only viable course of action while efforts to recover the missing funds continue. Legal proceedings relating to the alleged misappropriation are ongoing.

Under the PEMIIR framework, the joint special administrators’ primary objectives are to identify and reconcile safeguarded client funds, return them to customers where possible, and work toward an orderly wind-down of the business. The amount recoverable remains uncertain and will depend on the extent of funds remaining in safeguarded accounts and the costs associated with tracing and reconciliation.

“Special administrations of payment and e-money institutions remain relatively rare, but they are increasingly significant in today’s financial landscape,” Ofonagoro said. “Our immediate focus is to protect remaining customer funds and work towards an orderly resolution in line with the statutory objectives of PEMIIR.”

Manson added: “We appreciate that this will be a worrying time for customers and stakeholders. Our team is working closely with the FCA and other relevant parties to progress the reconciliation process and provide clarity as soon as possible.”

CML is the latest in a small but growing line of regulated fintech and payments firms to enter special administration under PEMIIR, a regime designed to prioritise customer fund protection following high-profile collapses in the sector.