FCA confirms Active Securities Limited placed into administration

Maria Nikolova

Paul Boyle, David Clements and Tony Murphy of Harrisons Business Recovery and Insolvency (London) Limited were appointed as joint administrators.

The UK Financial Conduct Authority (FCA) today confirms that Active Securities Limited, trading as 247 Moneybox, was placed into administration. Paul Boyle, David Clements and Tony Murphy of Harrisons Business Recovery and Insolvency (London) Limited were appointed as joint administrators.

Active Securities Limited is a high cost short term lender, otherwise known as a payday lender, which lends small sums to customers until the next payday or for a few months. All existing loan agreements remain in place and will not be affected by the proposed administration, the FCA explains. However, 247 Moneybox is no longer able to issue new loans.

The regulator says it is in close contact with the firm and the joint administrators with regard to the fair treatment of customers.

An announcement on the website of 247 Moneybox says:

“Paul Boyle, David Clements and Tony Murphy of Harrisons Business Recovery and Insolvency (London) Limited were appointed as joint administrators of Active Securities Limited trading as 247 Moneybox (the Company) on 29 November 2019 (the Joint Administrators).

The Company provided lending services to the UK consumer market.

Following the appointment of the Joint Administrators:

  • 1. All new lending activity has ceased; and
  • 2. Customers should continue to make repayments for all outstanding loans in the usual way. Please note, if you receive any requests to make payment to any other bank accounts, please inform the customer service team immediately on [email protected] or call 0207 183 8078.

The Company’s customer service team remains available to assist existing customers with any queries.

The Joint Administrators will conduct an orderly wind down of the business and seek to recover the assets of the Company for the benefit of its creditors.

It is anticipated that the orderly wind down of the Company’s business may, if applicable, include a sale of the assets of the Company. The Joint Administrators will also commence work to identify all creditors of the Company in accordance with their statutory duties and obligations under the Insolvency Act 1986.

Those customers with complaints (whether on grounds of affordability or other) should continue to approach the Company in administration. Any such claim will be treated as an unsecured creditor claim.

The Company remains regulated by the Financial Conduct Authority who will continue to supervise the Joint Administrators’ activities throughout the administration process.

For all enquiries please contact the customer services team on [email protected] or call 0207 183 8078. Please refer to the 247moneybox website for further updates.

Please remember, be aware to scams. Never give personal information or account details to anyone who contacts you unexpectedly. We will never ask for your bank details”.

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