In a statement sent to The Portugal News on Wednesday by the Financial Conduct Authority (FCA) in the UK, it was revealed that following an application, the High Court on Monday 13 August appointed administrators in respect of Premier FX Limited (Premier).
According to the statement, and contrary to information circulating the web, Premier is authorised by the FCA under the Payment Services Regulations 2017 to perform money remittance services.
“The FCA took this action to ensure that customers of Premier were adequately protected. The FCA will continue to work closely with the firm during the administration to ensure that customers are treated fairly”, the Authority said in the statement.
Dina Devalia and Peter Hart of PFK Geoffrey Martin & Co. have been appointed joint administrators of Premier, the FCA said.
Customers who want to contact the firm to discuss their accounts can do so by emailing premierfx@
geoffreymartin.co.uk, by contacting Brooke Overton-Yorke on 0044 207495 1100, or by writing to: PKF Geoffrey Martin & Co. 1 Westferry Circus, Canary Wharf, London, E14 4HD.
Meanwhile, contacts with FSCS (Financial Services Compensation Scheme) have revealed that several people affected by the liquidation of Premier FX have contacted the Scheme in a bid to deal with compensation (www.fscs.org.uk).
The FSCS is the UK’s statutory Deposit insurance and investors compensation scheme for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it.
Interested parties have previously been informed that the procedure would be that liquidators would need to be appointed, who would in turn report to the FCA and the FSCS about the financial situation of the company.
The FSCS can be contacted on 0044 207741410 and several parties have since told The Portugal News that contacts have been helpful and that the Service is informed with regards to the latest at Premier FX.
Concerned readers are advised to contact the FSCS with a view to potential claims, not as a guarantee of greater speed or priority but as appears it could help the FSCS to assess the scale of losses and put claims on record.
An update, apparently prepared by administrators, was posted this week on the Premier FX website (premierfx.com) explaining what information those affected should supply to best enable the Joint Administrators to address any queries and/or concerns.