FCA shuts down Euro Exchange Securities after court ruling

The UK's Financial Conduct Authority has decisively shut down Euro Exchange Securities UK Ltd (EES), a payments firm, after the London High Court approved its application for special administration. This dramatic intervention, confirmed on June 11, 2026, stems from 'serious concerns' over EES widespread breaches of anti-money laundering rules and systemic financial crime weaknesses that threatened market integrity. The move culminates a regulatory saga stretching back to 2020 when the FCA first flagged deficiencies in EES financial crime controls. Despite imposing operational restrictions on June 2, 2026, the regulator found the risks—including 'high-risk' customers and potential links to criminal activity—were too pervasive, reflecting a broader pattern of heightened FCA scrutiny on the electronic money and payments sector. This aggressive stance aligns with the FCA 2025-2030 strategy, which prioritizes fighting financial crime through earlier, more targeted interventions, evidenced by new audit requirements introduced in 2025 for EMIs and PSPs. With joint special administrators Duncan Perring and James Bennett of Teneo Financial Advisory now firmly in place, the immediate priority shifts to securing EES assets and ensuring the swift return of client money. The FCA Matthew Long, director of payments and digital assets, underscored the critical importance of robust financial crime standards, signaling that the watchdog will continue to leverage its full powers to protect consumers and the financial system from illicit activities. This action serves as a stark warning across the payments landscape: regulatory compliance is not merely an option, but an existential imperative.