FCA Says ePayments Systems Entered Special Administration

The Financial Conduct Authority said ePayments Systems Limited (EPS) entered special administration on 15 October 2026. Mark Boast and Allister Manson of Opus Restructuring LLP were appointed joint special administrators.

EPS is authorised by the FCA to issue e-money under the Electronic Money Regulations 2011. The regulator said the administrators are responsible for managing customer claims and returning funds where possible, while the firm remains authorised and the FCA continues to engage with the administrators.

The process uses the special-administration regime for payment and e-money institutions. The FCA says that regime has objectives including returning customer funds as soon as reasonably practicable and ensuring engagement with payment-system operators and authorities. Customers with questions should contact the administrators using verified contact details and await information on the claims process.

The FCA also notes that the Financial Services Compensation Scheme does not cover payment services. E-money firms instead have safeguarding requirements intended to keep customer money separate; the administrators will assess the funds held by EPS to establish the position.

Why it matters

For traders and investors, payment providers can be part of the cash-funding chain for platforms and financial services. Customers exposed to EPS should distinguish safeguarding from FSCS protection and avoid assuming an automatic compensation outcome. This notice does not state that any specific broker, trading venue or customer balance is affected.

What to watch next

Watch for the administrators’ instructions on claims and the assessment of safeguarded funds. Customers should remain alert to recovery scams and should independently verify any contact claiming to be from EPS, Opus or the FCA before sharing account or payment information.