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UK watchdog investigates defunct Premier FX in hunt for cash

UK watchdog investigates defunct Premier FX in hunt for cash
FILE PHOTO: The Canary Wharf financial district is seen in east London November 12, 2014. REUTERS/Suzanne Plunkett   -   Copyright  Suzanne Plunkett(Reuters)
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LONDON (Reuters) – Britain’s markets watchdog said it had examined thousands of transactions of shuttered money transfer firm Premier FX in a bid to find missing cash.

The Financial Conduct Authority asked the UK courts in August last year to declare Premier FX insolvent because after the death of the sole director and shareholder, the firm was unable to pay its debts.

FCA Chief Executive Andrew Bailey told parliament’s Treasury Select Committee on Tuesday that the watchdog has examined 250,000 transaction records at Premier FX.

Premier FX had clients in Portugal and a licence to transfer money but not take deposits.

“I am very concerned, obviously, that the money of individuals has been lost in this activity,” Bailey said.

“The person involved in this is said to be dead. I think it’s incumbent upon his relatives, his business partners to tell us where the money is,” Bailey said.

Premier FX did not immediately respond to a request for comment. Britain’s financial compensation scheme does not apply to money remittance services.

(Reporting by Huw Jones. Editing by Jane Merriman)

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