ePayments Systems Limited enters special administration

ePayments Systems Limited (EPS) entered special administration on 15 October 2026, the Financial Conduct Authority said. Mark Boast and Allister Manson of Opus Restructuring LLP (Opus) were appointed as joint special administrators¹.

EPS is authorised by the FCA to issue e-money under the Electronic Money Regulations 2011¹. The special administration regime for payment and e-money institutions was introduced by the Payment and Electronic Money Institution Insolvency Regulations 2021. The FCA describes it as similar to an ordinary administration, with additional objectives of returning customer funds as soon as reasonably practicable and ensuring timely engagement with payment systems operators and the authorities, including the FCA¹.

The FCA said the Financial Services Compensation Scheme does not cover payment services, so customer money held with EPS is not protected by it. E-money firms must comply with safeguarding requirements, which the FCA said meant the firm was required to hold money separately for its customers. The special administrators will assess all funds held by the firm to confirm the current position¹.

The special administrators are responsible for managing customer claims against the firm and returning funds where possible. They will gather information from creditors and customers about payments made to, or owed by, EPS and will provide more information on how to make a claim in due course¹. The FCA said the special administrators are officers of the court and must comply with insolvency law, and that it will continue working with them during the special administration¹.

The FCA also said customers should be alert to the possibility of fraud, and that anyone contacted unexpectedly by someone claiming to be from EPS, Opus or the FCA should end the call and make contact using verified details. It said that for most of the firm's clients there will be no benefit in involving a third party in making a claim¹.

Why it matters for households

Anyone holding money with EPS as an e-money customer is affected from 15 October 2026, when the firm entered special administration¹. The FCA has confirmed that the Financial Services Compensation Scheme does not apply, because it does not cover payment services¹. Instead, the firm was required to hold customer money separately under safeguarding rules, and the special administrators will assess all funds held to confirm the current position¹. That assessment determines what, and how much, can be returned, and the FCA has not stated a figure or a timetable for returns. The FCA said the special administrators will provide more information on how to make a claim in due course, so the claims process has not yet opened¹.

What happens next

The special administrators will gather information from creditors and customers about payments made to, or owed by, EPS, and will set out how to make a claim in due course¹. Customers with questions about the process have been directed to the special administrators, and the FCA's Consumer Helpline is also available for more information¹. The FCA said it will engage with the special administrators and seek the best outcome for customers¹. No date has been given for the completion of the administration or for the return of funds¹.

For background on how insolvency processes affect people owed money, see administration orders and the debt guide.