Get RFX Special Administration News. Contact JSAs for customer claims as Rational Foreign Exchange enters special administration.
Get RFX Special Administration News. Contact JSAs for customer claims as Rational Foreign Exchange enters special administration.
The UK Financial Conduct Authority (FCA) officially confirms RFX Special Administration News, marking a significant financial development as Rational Foreign Exchange Limited enters administration. The joint special administrators (JSAs) tasked with overseeing this complex process are Ed Boyle and Kristina Kicks of Interpath Ltd.
RFX, a company authorized by the FCA to provide foreign exchange and payment services to both corporate and retail clients under the Payment Services Regulations 2017 (PSRs), found itself in a state of insolvency. In response, the firm’s directors sought and obtained a special administration order from the court.
The primary focus of the JSAs is to diligently manage customer claims against RFX and facilitate the equitable distribution of funds back to customers whenever possible. Customers are strongly encouraged to reach out directly to the JSAs with any concerns or inquiries.
Simultaneously, customers of the firm’s PSD Agent, Xendpay Limited, which entered administration concurrently, can rely on the expertise of the same insolvency practitioners.
The FCA, taking proactive measures, imposed its own initiative requirement (OIREQ) on RFX on November 29, 2023, restricting the range of activities the company can undertake. Stay informed by directly contacting the JSAs or consulting the FCA Consumer Helpline for updates and additional information
It’s crucial for stakeholders to recognize that the funds of RFX’s customers lack protection under the Financial Services Compensation Scheme (FSCS). Instead, safeguarding requirements outlined in the PSRs govern these funds. The JSAs will meticulously assess all funds held by RFX, distinguishing between those safeguarded for customers and those belonging to the firm.
Despite the special administration order, RFX retains its FCA authorization, with the JSAs dutifully adhering to all relevant insolvency laws as officers of the Court. Their statutory objectives encompass active engagement with authorities, including the FCA.
Given potential risks, urge customers to heighten vigilance against fraud. Caution against responding to cold calls claiming to be from RFX, JSA, or FCA. Instead, customers should verify the authenticity of any communication using the contact details provided by the FCA to ensure the integrity of their interactions.
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