The FCA on Thursday confirmed three separate regulatory actions: a £99,600 fine against BancTrust chief executive Carlos Ricardo Fuenmayor, the appointment of special administrators for payments firm Euro Exchange Securities UK Limited (EES), and the administration of FCA-authorised lender Amplifi Capital (U.K.) Limited.
Euro Exchange Securities
The High Court confirmed Duncan Perring and James Bennett of Teneo Financial Advisory Limited as joint special administrators for EES under the Payment and Electronic Money Institution Insolvency Regulations 2021. The FCA said it was the first case of its kind for the regulator.
EES ceased trading on 4 June after the FCA cited systemic weaknesses in the firm’s financial crime framework, safeguarding arrangements, ownership and governance. EES did not challenge the order and agreed it would not seek to return to normal trading.
Amplifi Capital
Amplifi, which trades as Reevo Money and My Community Finance, entered administration on Tuesday. Joint administrators Robert Spence and Gareth Slater were appointed. The FCA said existing loan agreements remain in place but Amplifi can no longer issue new loans.
Fuenmayor fine
The FCA decided to fine Fuenmayor for failing to disclose a US FINRA investigation, a subsequent FINRA sanction and the freezing of his Venezuelan bank accounts. Fuenmayor has referred the Decision Notice to the Upper Tribunal, meaning the FCA’s findings remain provisional.
