ePayments Systems Limited enters special administration

Joint special administrators from Opus Restructuring LLP have been appointed to manage customer claims and return funds where possible. For financial services executives, this is a reminder that e-money and payment firms can fail, and that customer funds protection and operational continuity are critical. Compliance teams should immediately verify whether their firm or clients have exposure to EPS, review counterparty risk, and update risk registers.

Firms using EPS as a payment or e-money provider should assess service disruption, communicate proactively with affected customers, and consider contingency arrangements. The FCA continues to authorise EPS and will engage with the administrators to seek the best outcome for customers. This does not automatically trigger wider regulatory action, but it reinforces the need for robust due diligence, safeguarding oversight, and wind-down planning for payment services relationships.

Affected customers should contact the special administrators directly regarding claims. Actionable insights: map exposure, review contractual and safeguarding arrangements, prepare customer communications, and monitor FCA updates and the Financial Services Register. For e-money issuers, review special administration contingency plans and ensure compliance with EMRs safeguarding and reporting obligations.

RegCanary will continue to monitor developments.