ePayments Systems Limited entered special administration on 15 October, placing the recovery of remaining customer money under an insolvency process. Mark Boast and Allister Manson of Opus Restructuring LLP were appointed joint special administrators, according to the Financial Conduct Authority. The firm remains authorised, and the FCA is engaging with the administrators.[1]
This is a new stage in a lengthy closure. Opus says the business stopped customer trading in September 2022 and has since been returning safeguarded funds. It cannot accept new instructions or money, and accounts are now frozen while the administrators take control and reconcile balances.[2]
An earlier company notice had proposed an orderly, solvent wind-down after prolonged restrictions linked to its financial-crime controls. The company said it would concentrate on refunds and account closures instead of resuming full operations. That historical plan explains the preceding phase; the current appointment establishes the process now governing the remaining funds.[3][1]
Reconciliation comes before a return timetable
The administrators are comparing money held in safeguarded accounts with amounts owed to customers. Their guidance says both the timing and amount of returns remain uncertain, depending on the balance available and the costs of returning it. Customers cannot transfer their funds in the short term.[2]
Customers who believe ePayments holds money for them can provide Opus with the amount and supporting documentation through its published case contact route. Opus expressly distinguishes that information from a formal proof of claim and says sending it will not accelerate repayment. The claims procedure and the supporting information serve different purposes.[2]
The relevant protection is safeguarding, under which customer money is held separately, rather than Financial Services Compensation Scheme cover for payment services. The special-administration regime prioritises returning customer funds as soon as reasonably practicable. Establishing the actual pool and reconciling customer entitlements is consequently central to the outcome, and the appointment supplies no fixed recovery percentage or payment date.[1]
Sources & further reading
- ePayments Systems Limited enters special administration Financial Conduct Authority · 15 Oct 2026 · Accessed 20 Oct 2026
- Case: ePayment Systems Ltd (in Special Administration) Opus Restructuring LLP · Accessed 20 Oct 2026
- ePayments has decided to close the business ePayments Systems Limited · Accessed 20 Oct 2026