On 18 June 2026, Monevium Ltd (Monevium) entered special administration, and Adam Henry Stephens and Christopher Allen of S&W Partners LLP (S&W) were appointed as special administrators. Monevium is authorised by the Financial Conduct Authority (FCA) to provide payment services.
The special administration follows earlier restrictions on the firm’s activities. On 28 February 2024, Monevium agreed to a voluntary undertaking that limited the scope of services it could carry out. The latest development places the firm under the Payment and Electronic Money Institution Insolvency Regulations 2021, which created a dedicated special administration regime for payment and e-money institutions.
Role of the special administrators
The special administrators are responsible for managing customer claims against Monevium and returning funds to customers where possible. As part of this process, they will conduct an assessment of all customer funds held by the firm to confirm the current position. This assessment is intended to establish the amount and status of safeguarded funds.
Under the special administration regime, the process is similar to an ordinary administration but with additional statutory objectives tailored to payment and e-money institutions. These include returning customer funds as soon as reasonably practicable and ensuring timely engagement with payment systems operators and public authorities, including the FCA.
Customer protection and safeguarding
Customer funds held by Monevium are not protected by the Financial Services Compensation Scheme (FSCS), as FSCS coverage does not extend to payment services. Instead, payment firms such as Monevium are required to comply with safeguarding rules, which set out how customer money should be protected.
Within the special administration, the safeguarding framework and the assessment carried out by the special administrators are central to determining how and when customer funds can be returned. The administrators’ work will focus on reconciling customer balances with the funds held, in line with the objectives set out in the Payment and Electronic Money Institution Insolvency Regulations 2021.
