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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!