There is a meaningful update for customers of Argentex LLP, the currency firm that entered special administration in July 2025. On 17 July 2026 the FSCS set out who it will, and will not, be able to compensate.
What has happened?
Argentex (FCA reference 781077) held two broad groups of customers. The larger group used its electronic money and payment services. The FSCS has confirmed it does not cover electronic money and payment services, so those customers will not be eligible for FSCS compensation. They will instead receive a distribution of their safeguarded funds through the special administration, less a share of the costs of that process.
The second, smaller group are CASS client money customers, whose funds were held under the FCA’s Client Assets Sourcebook rules, usually as part of Argentex’s investment services. The FSCS has confirmed it will be able to compensate eligible CASS customers for the cost deduction taken from their client money entitlement. FSCS compensation is limited to 85,000 pounds per person.
When can claims be made?
Not yet. The joint special administrators need a court order before distributions can be paid. The FSCS will open to claims once the distribution has been made and the relevant costs deducted. To be eligible you must have a client money entitlement accepted by the administrators and be an FSCS eligible customer.
What should you do next?
Waiting for a complex administration to run its course is frustrating, especially when the categories of who is covered are this technical. If you are unsure which group you fall into, or whether you are eligible, we would be glad to talk it through. Have a free, no obligation consultation with us, and if there is a claim to pursue when the FSCS opens, we can be ready to act on a no win no fee basis.
Source: FSCS: Argentex LLP
