Dear Payer,

Chris Laverty, Russell Simpson and Jarred Erceg of Grant Thornton UK LLP were appointed Joint Administrators of Small World Financial Services Group Limited (‘the Joint Administrators’) and Joint Special Administrators of LCC Trans-Sending Limited on 18 June 2024 (‘the Joint Special Administrators’) (together ‘the Companies’ and the ‘Administrators’). The affairs, business and property of the Companies are being managed by the Administrators.

The Companies form part of the Small World Group, providing cross border payment services to its UK customers and acting as a global ‘payment hub’ for the Small World Group.

Further to the Suspension of Services Notice on 10 June 2024, the Small World Group ceased receiving or processing new money transfer transactions through its agents, branches, websites and mobile applications.

Following the appointments, our initial actions are to secure the assets of the Companies, and to identify amounts owed to customers and creditors.

We will be seeking to return amounts owed to UK customers as soon as possible. This will require securing all books and records and undertaking a review of amounts owed to UK customers. Unfortunately, while this work is being undertaken customers will not be able to access the amounts owed to them.

All monies held in a prefunded position (in advance of paying out), or any other customer monies held for UK originated transactions, should be deposited in full without deductions into the usual designated bank account. As previously notified, please do not make any payments to intended recipients (beneficiaries).

So that we can undertake an accurate and timely reconciliation, we would be grateful if you can ensure that the status of all transactions is up to date in your system or on the Omnex platform (if applicable to you). Alternatively, you can email the status of transactions to operations@smallworld.com and payer.accounting@smallworldfs.com. 

If you believe you are owed monies by the Companies for amounts you have paid to an intended recipient in advance of receiving funds, or have commissions owing, please email a reconciliation file, including the status of transactions, to operations@smallworld.com and payer.accounting@smallworldfs.com. 

Although LCC Trans-Sending Limited is in special administration, the company continues to be regulated by the Financial Conduct Authority (‘FCA’) and is still subject to the FCA’s rules.

Please see the drop-down options below for Frequently Asked Questions (‘FAQs’).

We will be providing regular updates throughout the special administration. Please check your emails, the News and Updates section, and FAQs for updates.

Should you have any queries, please visit the FAQs in the first instance. Alternatively, please contact the Small World Customer Service team at support@smallworldfs.com or on 020 3198 0387.

The Administrators

For and on behalf of the Joint Administrators of Small World Group Financial Services Limited (in Administration) and LCC Trans-Sending Limited (in Special Administration) without personal liability.

The affairs, business and property of Small World Group Financial Services Limited (In Administration) and LCC Trans-Sending Limited (In Special Administration) are being managed by Chris Laverty, Russell Simpson and Jarred Erceg, appointed as Joint Administrators and Joint Special Administrators on 18 June 2024 (together ‘the Companies’ and ‘the Administrators’).

 The Administrators act as agents of the Companies without personal liability. Chris Laverty, Russell Simpson and Jarred Erceg are authorised by the IPA to act as insolvency practitioners. The Companies are registered in England and Wales, registered Numbers: 05405279 and 04363859, respectively, registered office address: c/o Grant Thornton UK LLP, 11th Floor, Landmark, St Peter's Square, 1 Oxford St, Manchester, M1 4PB

Whilst we undertake an urgent review to ascertain the status of customer transactions, all payment activity should cease with immediate effect.

We would be grateful if you can ensure that the status of all transactions is up to date in your system or on the Omnex platform (if applicable to you) so that we can undertake an accurate and timely reconciliation. Alternatively, please email the status of transactions to operations@smallworld.com  and payer.accounting@smallworldfs.com. 

Please direct all queries to the Small World Customer Service team at support@smallworldfs.com or on 020 3198 0387.

You can also access Frequently Asked Questions which are available at www.smallworldfs.com

Any monies held on behalf of the Companies or its customers should be deposited in full without deductions into the usual designated bank account.

Please ensure that no payments to intend recipients (beneficiaries) are made.

We would be grateful if you can ensure that the status of all transactions is up to date in your system or on the Omnex platform (if applicable to you) so that we can undertake an accurate and timely reconciliation. Alternatively, please email the status of transactions to operations@smallworld.com  and payer.accounting@smallworldfs.com. 

Please direct all queries to the Small World Customer Service team at support@smallworldfs.com or on 020 3198 0387.

If you believe you are owed monies by the Companies for amounts you have paid to an intended recipient in advance of receiving funds, or have commissions owing, please email a reconciliation file, including the status of transactions, to operations@smallworld.com  and payer.accounting@smallworldfs.com.

An administration is an insolvency procedure regulated by the Insolvency Act 1986. The administrator’s role is to realise the assets for the benefit of creditors.

The Payment and Electronic Money Institution Insolvency Regulations 2021 introduced a special administration regime for payment and e-money institutions. A special administration is similar to an ordinary administration however, the special administrators have an additional objective to return customer funds as soon as possible.

Following the special administration order, the Special Administrators are responsible for Small World UK, noting the firm continues to be FCA authorised. The Special Administrators are officers of the Court and need to comply with all insolvency law. The individuals appointed are authorised to act as licensed insolvency practitioners. The Special Administrators have statutory objectives which include engaging with authorities, including the FCA.