PPS Money enters liquidation: what its agent network must do now
Premier Payment Solutions has collapsed with no FSCS cover and no safeguarding for customers. Agents face an unresolved authorisation question.
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Action required if you were operating as an FCA-registered agent of PPS Money. Monitor if you are a customer with outstanding funds.
Premier Payment Solutions Ltd (FCA news story, 10 September 2026), trading as PPS Money and MTBS, entered voluntary liquidation on 10 September 2026 after its directors determined the firm could no longer continue trading. The firm was registered as a small payment institution under the Payment Services Regulations 2017 (the PSRs) and provided money-remittance services, primarily supporting money service businesses to make cross-border payments.
No FSCS cover, no safeguarding
Customers with funds held at PPS Money have no Financial Services Compensation Scheme cover. The FSCS does not extend to payment services. Small payment institutions are not required to safeguard customer funds under the PSRs, so there is no ring-fenced pool to draw on.
Bai Cham and Gary Shankland of BTG Begbies Traynor have been appointed joint liquidators and are responsible for assessing customer claims and distributing funds where possible.
The agent network question
FCA-registered agents are businesses or individuals registered to provide payment services on a principal's behalf. PPS Money operated a network of such agents, and their authorisation position is now unresolved. The FCA has not yet published guidance on what agents whose principal has entered liquidation must do to regularise their own regulatory position. If you were operating as a PPS Money agent, your authorisation status will need to be regularised; agents should check the FCA register and monitor for further FCA communications.
PPS Money remains registered with the FCA and must continue to comply with FCA rules during the wind-down period. The FCA has confirmed it is liaising with the joint liquidators.
Customer fraud warnings
If your firm has customers with outstanding funds at PPS Money, alert them to two risks. First, claims management companies or law firms may approach customers offering to help recover funds; any fee charged will reduce what customers receive, and for most there is no benefit in using one. Second, tell customers: if they receive an unexpected call from someone claiming to represent PPS Money, BTG Begbies Traynor, or the FCA, end the call and contact the relevant party directly.
