The UK Financial Conduct Authority (FCA) has 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 Institutions and Electronic Money Insolvency Regulations 2021. Daniel Conway and Geoffrey Rowley of FRP Advisory Trading Limited were jointly appointed special administrators (JSAs).
SGL provides foreign exchange and payment services to corporate clients and is also an Electronic Money Directive (EMD) agent of The Currency Cloud Limited (TCCL) which may distribute or redeem electronic money (e-money) and provide certain services payments on behalf of an electronic money – financial institution. SGL is authorized 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 company and distributing funds to customers where possible.
The CMOs were appointed on 13 March 2024 and must report to creditors within 8 weeks of their appointment. The report will detail the history of SGL and the JSA’s proposals.
Where SGL acts as TCCL’s agent, TCCL will contact its customers directly with updates on the services relating to their accounts.
Customers should contact JSA with any concerns. You can contact them directly at silverbird@frpadvisory.com.
On 11 March 2024, SGL agreed to a voluntary undertaking (VU) which limited 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, which regulated payment companies must comply with, there are requirements on how customers’ money is protected. These requirements are known as ‘insurance’.