The UK Financial Conduct Authority (FCA) today confirmed the entry into administration of Silverbird Global Limited (SGL).
On 13 March 2024, Silverbird Global Limited (SGL) entered special administration under the Payment and Electronic Money Institution Insolvency Regulations 2021. Daniel Conway and Geoffrey Rowley of FRP Advisory Trading Limited have been appointed joint special administrators (JSAs).
SGL provides FX and payment services to corporate clients and is also an Electronic Money Directive (EMD) Agent for The Currency Cloud Limited (TCCL) which can distribute or redeem electronic money (e-money) and provide certain payment services on behalf of an e-money institution. SGL is authorised by the FCA to provide payment services under the Payment Services Regulations 2017 (PSRs).
SGL’s administrators, FRP Advisory Trading Limited, are responsible for managing customer claims against the firm and distributing funds back to customers where possible.
The JSAs were appointed on 13 March 2024 and must provide a report to creditors within 8 weeks of their appointment. The report will give details of SGL’s history and the JSAs’ proposals.
Where SGL acts as an agent for TCCL, TCCL will contact their customers directly with updates for the services relating to their accounts.
Customers should contact the JSAs with any concerns. You can contact them directly on silverbird@frpadvisory.com.
On 11 March 2024, SGL agreed to a Voluntary Undertaking (VU) which restricted the activities it can undertake.
The Financial Services Compensation Scheme (FSCS) only applies to certain types of activity. This does not include payment services.
Under the Payment Services Regulations 2017, with which regulated payments firms must comply, there are requirements on how customers’ money should be protected. These requirements are known as ‘safeguarding’.
