BTG appointed to manage Payment Institution Special Administration

Halo Financial Limited entered Payment Institution Special Administration on 29 May 2026. Insolvency practitioners Bai Cham and Louise Longley who are Partners at BTG have been appointed as Joint Special Administrators. Carl Lever, a specialist in financial services sector restructuring and Director at BTG will be managing the case alongside the Special Administrators.

Halo is a non-bank provider of foreign exchange services, and its specialist business is in offering currency conversions alongside international payment transactions. In the three years leading up to the Special Administration turnover averaged £344m per year. The Firm had a book of 2,987 active trading customers over the last 12 months (comprising 2,649 private customers and 338 corporate customers). The Company employed approximately 30 members of staff from two locations comprising a virtual office in London and a physical office in Redruth, Cornwall.

Halo has entered Special Administration following a period of cash flow difficulty. Contributing factors to the Firm’s cash flow issues were a transition to a new banking partner, closure of its head office in Battersea and increased operating and licencing costs related to an acquisition in 2025.

Following a dispute with its liquidity provider and upon notification to its Regulator the Firm agreed to enter a voluntary undertaking to restrict its regulated business on 30 April 2026. The voluntary undertaking prevented the Firm from accepting any further customer monies. 

On 6 May 2026 a winding up petition was filed in respect of the Firm by a customer. The Petition debt relates to a proposed foreign exchange trade the Firm was to carry out on behalf of the Petitioner. The Board subsequently sought advice from BTG.

Upon entering Special Administration, customer money is now under the control of the Special Administrators. A reconciliation of customer money and open positions is underway and the Special Administrators will be sending out a statement to customers as soon as practicable to confirm their positions. 

The Special Administrators aim to return customer money directly to customers following the reconciliation in line with their statutory duties and this may require approval from the Court. The Special Administrators will work as quickly as possible to return customer money but at this time are not able to provide a definitive timescale. Certain staff have been retained by the Special Administrators to assist with the reconciliation and return of customer money. The Firm will remain authorised and regulated by the Financial Conduct Authority whilst in Special Administration.

This appointment follows BTG being named on the FCA’s Insolvency Practitioners Panel and Forensic Accountants Panel earlier this year and adds to its growing experience of handling complex cases involving FCA regulated firms. 

Carl Lever, Director at BTG, said:

“The appointment of the Special Administrators was made by order of the High Court of Justice in England and Wales following an application made by the Directors of the Firm in accordance with the Payment and Electronic Money Institution Insolvency Regulations 2021.

“Customers will understandably be concerned about the Special Administration and what this means for them. Whilst there is some complexity to this process, we want to assure customers that our focus is on returning money to them as soon as possible and keeping them updated. 

“By appointment number BTG is the leading insolvency firm in the UK are we were recently appointed to the FCA’s Insolvency Practitioner Panel. As a Firm we are seeing an increase in the number of financial services firms experiencing distress and seeking advice. In all cases we work to support those firms and the relevant stakeholders in achieving the best possible outcome for customers and creditors. We encourage firms who may be experiencing distress to seek advice as early as possible”.  

The Special Administrators have set up a dedicated email address halo@btguk.com and telephone line +44 (0) 121 669 0256 for the Special Administration. Further information and FAQs can also be found at https://www.begbies-traynorgroup.com/creditors/halo-financial-limited. 

The Special Administrators are advised by Amy Gallimore, Alan Bennett, Beth Kalischer and Harry Wells of Womble Bond Dickinson (UK) LLP.