Customers Of Insolvent Payments Firm Scramble For Funds

Law360, London (October 1, 2019, 6:24 PM BST) -- The Financial Conduct Authority on Tuesday told customers of failed payments company Supercapital Ltd. to turn to insolvency administrators to retrieve their funds, saying their money is not protected by the U.K.’s deposit protection program.

The financial watchdog said the company stopped providing regulated services on Sept. 12 and appointed Kevin Goldfarb and Stephen Hunt of Griffins Insolvency Practitioners LLP as joint administrators on Sept. 27. Griffins will take up claims against Supercapital and return money to customers "where possible," the regulator said in a statement.

The FCA warned that Supercapital customers are not protected by the Financial Services Compensation Scheme,...

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