FCA Can Appeal Ruling On Insolvent E-Money Firms Payout

By Joanne Faulkner (September 10, 2021, 3:53 PM BST) -- A judge allowed the U.K.'s financial regulator on Friday to challenge his decision on whether money customers paid for electronic money are held on trust after a British financial technology firm fell into administration.

David Halpern QC, sitting as a deputy High Court judge, said that the Financial Conduct Authority could challenge his finding that under electronic money safeguarding rules, Ipagoo LLP customers would receive any available cash from an "asset pool" ahead of other creditors.

The issue is relevant to administrators tasked with distributing the assets of insolvent e-money firms. The City watchdog froze the accounts of Ipagoo, which offers...

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