Viola Money Ltd has Entered Administration

On 21 December 2021, a special administration order was reportedly made by the Court in relation to Viola Money “under the Payment and Electronic Money Institution Insolvency Regulations 2021.”

The Viola Money website explains its service as follows:

Since 2012, we have been providing simple, modern financial products that help create a simple, modern financial world for our customers. Just ask the 250,301 people globally that are powered by Viola.

The neobank has been serving both consumers and businesses.

As noted in an update from the UK Financial Conduct Authority (FCA), Edward George Boyle and James Robert Bennett of Interpath Advisory have been “appointed as joint special administrators.”

The special administration process reportedly includes provisions to “facilitate the return of customer funds by the special administrators.”

The application for the special administration was “made by the FCA and follows requirements imposed on Viola on 14 December 2021, which required it to cease all regulated electronic money and payment services.”

These requirements were “imposed because [the FCA] identified a number of serious concerns around the way that Viola operated its business and prevented the firm from dealing on behalf of its clients.”

The update posted by the FCA also mentioned that Viola’s special administrators are “responsible for managing claims against the firm and distributing funds back to customers where possible.”

The special administrators are required to “provide a report to creditors within 8 weeks of their appointment which will include details of their proposals and how customers should make a claim,” the update confirmed.

Should you have any questions about the special administration process, then you can refer to the special administrators’ website which “answers a number of frequently asked questions or contact the special administrators directly by email or telephone. ”

Here are the Joint special administrators contact details (provided by the FCA):

Website: Interpath Advisory (Note: For other contact info, check here.)

Since 2012, Viola Money had expanded from its business offices in the United Kingdom to locations across the globe, including the US, Dubai, Austria, Australia and India.

During this time, the firm claims that it had “gained a wealth of experience in a variety of diverse marketplaces; listening to customers across the world to provide tailored financial products for people from all walks of life.”

Wherever they may be in the world, Viola Money had previously claimed to protect their customers, “helping them make saving, spending and sending their money smarter, safer and more straightforward.”

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