Supercapital has entered administration as regulator warns about scams

UK payment services provider Supercapital has entered administration after ceasing to provide any regulated businesses on September 12.

The Financial Conduct Authority (FCA) has confirmed that the company has updated its website accordingly and that Griffins Insolvency Practitioners was appointed as Supercapital’s administrators on September 27.

The administrators will be tasked with managing customer claims against Supercapital and will be responsible of paying back funds to customers where possible. The funds are not protected by FCA’s compensation scheme as it does not cover payments services.

The two administrators appointed now have less than eight weeks to provide a report to creditors about Supercaptial’s history and their own proposals.

The FCA also warned that customers should be alert to scams and frauds related to the closure. Particularly, it highlighted the risk of cold callers claiming to be representing Supercapital, the administrators or the FCA. The regulator advised people experiencing a cold call of the sort to end the conversation immediately.

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