Supercapital Ltd (Supercapital) is authorised by the FCA to provide payment services under the Payment Services Regulations 2017 (the PSRs).
On 12 September 2019, Supercapital ceased to provide any regulated business. Supercapital has updated its website to this effect.
On 27 September 2019, Kevin Goldfarb and Stephen Hunt of Griffins Insolvency Practitioners LLP (Griffins) were appointed as joint administrators of Supercapital.
Supercapital’s administrators, Griffins, are responsible for managing customer claims against the firm and distributing funds back to customers where possible. The administrators were appointed on 27 September 2019 and are required to provide a report to creditors within 8 weeks of their appointment. The report will provide details of Supercapital’s history and the administrator’s proposals.
If you have any questions regarding the administration process, please contact them directly by emailing [email protected].
As the conduct and prudential regulator of Supercapital, we will continue to engage with the administrators and take any necessary actions as appropriate.
What should I do if I have money with Supercapital?
Customers should contact the joint administrators if they are concerned, have any questions or for any updates.
The joint administrators will gather as much information as possible from creditors and customers of Supercapital about payments made to, or owed by Supercapital.
Customers of Supercapital who believe that they are owed money by the firm should contact the administrators using the contact details above.
Customers can also contact our Consumer Helpline[1] for further information.
Are my funds protected by the Financial Services Compensation Scheme (FSCS)?
No. The FSCS only applies to certain types of activity. This does not include payment services.
Under the PSRs, there are requirements on how customers’ money should be protected and these requirements are known as ‘safeguarding’.
Safeguarded funds
When Supercapital provided regulated payment services activities it was required to hold money separately for those customers. The way in which this money needs to be held is set out in the PSRs and is referred to as safeguarded funds. The safeguarding requirements apply to Supercapital 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 money if a firm fails.
Being Alert to Scams
All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from Supercapital, Griffins or the FCA[1], please end the call and contact them directly. Find out more about protecting yourself from scams.
Do I need to use a third party to get my money back?
If you are approached by a company offering to help you recover your money, you should proceed with caution. For most of the firm’s clients, there will be no benefit in involving a third party in making a claim.
If you have any questions about the administration process, please contact the administrators using the contact details above.