Currency broker Halo Financial has collapsed into administration after running into cashflow issues.
The London-based firm uses tech to process hundreds of millions of pounds’ worth of trades annually.
Halo is authorised by the FCA to provide payment services under the Payment Services Regulations 2017 but a month ago agreed to a voluntary undertaking which restricted the activities it could carry out – including conducting payment services and accepting any additional funds.
Now Bai Cham and Louise Longley each of BTG Begbies Traynor have been appointed as special administrators at the request of its directors.
Certain staff have been retained to assist with the reconciliation and return of customer money, the administrators said.
“The special administrators aim to return customer money directly to customers following the reconciliation in line with their statutory duties,” they stated.
The special administrators are responsible for managing customer claims against the firm and returning funds to customers where possible.
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