E-money issuer ePayments Systems enters special administration, with customer funds outside FSCS protection

ePayments Systems Limited (EPS), which is authorised by the Financial Conduct Authority to issue e-money under the Electronic Money Regulations 2011, entered special administration on 15 October 2026 (FCA statement, 15 October 2026).

Joint special administrators from Opus Restructuring LLP have been appointed. They will manage customer claims and aim to return funds where possible (FCA statement, 15 October 2026).

The Financial Services Compensation Scheme does not cover payment services, so the funds are not protected by it. E-money firms must safeguard customer money by holding it separately from their own, and the administrators will assess all the funds the firm holds (FCA statement, 15 October 2026).

Customers with questions are directed to the administrators at epayments@opusllp.com or through the Opus website, and the FCA says details on how to make a claim will follow. The FCA Consumer Helpline is also available (FCA statement, 15 October 2026).

The regulator warned customers to be cautious of third parties offering to recover money, saying most clients gain nothing by using one. It also told customers to end any unexpected call from someone claiming to be from EPS, Opus or the FCA and to contact them directly using verified details (FCA statement, 15 October 2026).

The FCA statement does not state the number of customers, the value of funds held or the firm's register number. Loro has made no approach to the company. Details are as published by the Financial Conduct Authority.