HALO FINANCIAL LIMITED (IN SPECIAL ADMINISTRATION)

Important Notice

Halo Financial Limited (the Firm) entered Payment Institution Special Administration on 29 May 2026. Bai Cham and Louise Longley each of BTG Begbies Traynor have duly been appointed as Special Administrators.

The appointment of Special Administrators was made by the High Court of Justice in England and Wales following an application made by the Directors of the Firm in accordance with the Payment and Electronic Money Institution Insolvency Administration 2021.

Support is available to all those affected by the Special Administration of the Firm. Updates on the progress of the Special Administration will be provided on this webpage throughout the process and customers are encouraged to monitor this webpage for updates. Contact details for the Special Administrators can be found below.

Key things you should know

• Customer money is now under the control of the Special Administrators.
  
  
• We are undertaking a reconciliation of all customer money and open positions and will be sending out a statement to customers as soon as practicable to confirm final positions.
  
  
• The Special Administrators aim to return customer money directly to customers following the reconciliation in line with their statutory duties. This may require approval from the Court. We will work as quickly as we can to return customer money but at this time we are not able to provide a definitive timescale.
  
  
• Certain staff have been retained by the Special Administrators to assist with the reconciliation and return of customer money.
  
  
• The Financial Conduct Authority continues to regulate the Firm.

Documents

Contacting the Special Administrators

The Special Administrators may be contacted by:

Scams

All customers should be aware of the risk of fraud and scams. When a company enters into an insolvency process, fraudsters may sometimes approach customers claiming to be able to recover their money in return for a fee.

Sometimes the fraudsters claim to be from the Firm or the Administrators’ office. You should be wary of any unexpected call, email or other contact which asks for money in this manner or arouses any suspicion.

Clone website – beware

Please note that the Special Administrators will only use this webpage to provide updates and relevant information to customers and creditors. The webpage address is https://www.begbies-traynorgroup.com/creditors/halo-financial-limited and this is the only webpage that will be used by the Special Administrators. Should this position change we will notify all customers and creditors accordingly.

General

The affairs, business and property of the Firm are being managed by the Joint Special Administrators who act as agents of the Firm without personal liability. Bai Cham and Louise Longley are each authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England & Wales.

Privacy

The Officeholders are Data Controllers of personal data as defined by the Data Protection Act 2018. Personal Data will be kept secure and processed only for matters relating to the appointment. Please refer to our [Privacy Policy] for further information.

Frequently Asked Questions

What is Special Administration?

The Payment and Electronic Money Institution Insolvency Regulations 2021 (the “Regulations”) introduced a Special Administration regime for payment institutions and e-money firms.

A Special Administration is very similar to an ordinary Administration under the Insolvency Act 1986 but has specific objectives targeted to support the return of customer money as soon as practicable.

The objectives of Special Administration are:

A) To ensure the return of relevant funds as soon as is reasonably practicable.
B) To ensure timely engagement with payment system operators, the Payment Systems Regulator and the Authorities.
C) To rescue the institution as a going concern or wind it up in the best interests of the creditors.

Unless directed by the Financial Conduct Authority or Court, the Administrators must work to achieve the Objectives concurrently and as quickly as possible.

What is meant by insolvency?

This is when a company is unable to pay the people or entities it owes money too.

What is a creditor?

A creditor is any person or entity that is owed money. This may include (but is not limited to) an amount owed because of a complaint or claim, or services rendered.

Who is considered to be a customer?

A customer is someone who used the payment or Forex dealing services provided by the Firm and held a deposit balance or open position at the time of the Special Administration.

Who are the Administrators?

Bai Cham and Louise Longley of BTG Begbies Traynor have been appointed as Joint Special Administrators of the Company.

Is the Company regulated?

Yes – the Firm is authorised and regulated by the Financial Conduct Authority (FCA) with firm reference number 528727. It will continue to be regulated by FCA despite entry into Special Administration.

Are the FCA aware that Special Administrators have been appointed?

Yes – under the Regulations the Firm was required to notify the FCA of its proposal to enter Special Administration. FCA will be kept informed of progress throughout the Special Administration.

Are the Administrators regulated?

Bai Cham and Louise Longley are both regulated to act as Insolvency Practitioners by the Institute of Chartered Accountants in England & Wales

Why did the Company enter Special Administration?

The Firm is a private company limited by shares and was incorporated on 16 June 2004 with company number 05155787. It was set up as a foreign exchange service provider in 2004, and its business went live in 2005.

The Firm traded for approximately 20 years, and its specialist business was providing foreign exchange (currency conversion) alongside international payment services to corporate and private clients in the United Kingdom. The Firm offered both spot trades and deliverable forward contracts. It did not offer any derivatives, options, or non-deliverable forwards.

In the three years leading up to the Special Administration turnover averaged £344m per year. The Firm had a book of 2,987 active trading customers over the last 12 months (comprising 2,649 private customers and 338 corporate customers). The Company employed approximately 30 members of staff from two locations comprising a virtual office in London and a physical office in Redruth, Cornwall.

In March 2025, the Firm completed the acquisition of the private client business unit of another payment institution. The acquisition increased transaction volumes and operational demands at a time when the Firm was managing technology and banking provider transitions.

Halo has entered Special Administration following a period of cash flow difficulty. Contributing factors to the Firm’s cash flow issues were a transition to a new banking partner, closure of its head office in Battersea and increased operating and licencing costs part of which relates to the 2025 acquisition.

Following a Margin dispute with its liquidity provider related to deposits placed in a collateral account and upon notification to FCA of the dispute the Firm agreed to enter a voluntary undertaking to restrict its regulated business on 30 April 2026 to protect customers. The voluntary undertaking prevented the Firm from accepting any further customer monies.

On 6 May 2026, a winding up petition was filed in respect of the Firm by a customer. The Petition debt relates to a proposed foreign exchange trade the Firm was to carry out on behalf of the Petitioner. The Board subsequently sought insolvency advice from BTG.

What are the next steps for the Firm?

Upon entering Special Administration, customer money is now under the control of the Special Administrators. A reconciliation of customer money and open positions is underway, and the Special Administrators will be sending out a statement to customers as soon as practicable to confirm their positions. The Special Administrators aim to return customer money directly to customers following the reconciliation in line with their statutory duties and this may require approval from the Court. The Special
Administrators will work as quickly as possible to return customer money but at this time are not able to provide a definitive timescale. Certain staff have been retained by the Special Administrators to assist with the reconciliation and return of customer money.

The Special Administrators will also undertake an assessment of the Firm’s own assets and will take steps to realise these for the benefit of creditors.

What should I do if I have a new or ongoing complaint against the Firm?

Should you have a new or existing complaint against the Firm we politely ask that details of your complaint are providing to us in writing.

Our relevant contact details are below:
Email: [email protected]
Post: BTG, Floor 2, 10 Wellington Place, Leeds, LS1 4AP.

Which business does the Administration cover?

The Special Administration applies to the Firm only. The Special Administration does not affect any other company which may be connected to the Directors or the Firm.

What does this mean for me?

As a result of the Special Administration and the restrictions currently in place the Firm will no longer be able to provide payment services or undertake Forex dealing for customers. The Special Administrators will be providing a statement of your position in due course. Customers are encouraged to seek their own professional or legal advice if they are in any doubt regarding their funds, investments or personal position.

Am I protected by the Financial Services Compensation Scheme (FSCS)?

No - the FSCS only applies to certain types of activity. This does not include electronic money or payment services. Further details of what is covered by the scheme can be found at https://www.fscs.org.uk. Under the Payment Services Regulations 2017 (“PSRs”), there are requirements for regulated payment firms on how customers’ money should be protected, and these requirements are known as ‘safeguarding’.

What is Safeguarding?

When the Firm provided regulated payment services activities it was required to hold money separately for its customers. These safeguarding requirements apply to the Firm, and the firm must comply with them at all times.

Safeguarding is a key consumer protection measure within the PSRs. The purpose of safeguarding is to protect customer funds if a firm fails.

The Special Administrators will carry out an assessment of all funds held by the firm to establish which are safeguarded for customers and which belong to the firm.

Will I receive all my money back?

The Special Administrators are currently working to reconcile customers funds and open positions. A statement will be sent to all customers in due course outlining their position. Please note that amounts owed to customers will be reduced by the costs associated with the return of funds to customers. Further information on the timing of distributions and the costs deducted will be communicated to customers in due course.

I think I am a creditor of the Firm.

The Special Administrators will write to you in due course regarding outstanding balances and ongoing supply, however, please send correspondence to [email protected] in the first instance. Alternatively, creditors may telephone the Special Administrators on +44 (0) 121 669 0256.

When will I hear from the Special Administrators?

The Special Administrators are currently working to reconcile customers funds and open positions. A statement will be sent to all customers in due course outlining their position.
The Special Administrators are required to report to creditors within 8 weeks of their appointment. This report will set out the Joint Special Administrators’ proposals (the “Proposals”) for the Special Administration.

The Proposals will set out, amongst other things, the likelihood of creditors receiving any money back from the Firm and the anticipated costs of the Special Administration process. At that time, we will issue a proof of debt form for creditors to complete, and we will likely be seeking from the appropriate body of creditors approval for the basis of our remuneration and expenses.

We encourage customers and creditors to monitor the dedicated website https://www.begbiestraynorgroup.com/creditors/halo-financial-limited for general updates.

Can I speak to the person in charge?

A dedicated mailbox [email protected] and telephone line +44 (0) 121 669 0256 has been set up for those affected by the Special Administration of the Firm. The mailbox and telephone line are being monitored by the Special Administrators staff, and they will endeavour to answer your queries as soon as possible. However, due to the volume and similarity of certain queries being received certain queries will be addressed through updates on the Special Administrators’ dedicated webpage https://www.begbies-traynorgroup.com/creditors/halo-financial-limited. The Administrators will provide further updates once in a position to do so.