There is an important update for customers of Argentex LLP, the currency firm that entered special administration in July 2025. On 17 July 2026 the FSCS confirmed who it will, and will not, be able to compensate, and for one group of customers that is welcome news.
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 does not cover electronic money or 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. For them the news is better. The FSCS has confirmed it can compensate eligible CASS customers for the cost deduction taken from their client money entitlement, up to the usual limit of £85,000 per person.
When claims can be made
Not yet, and this is the part worth being patient about. The joint special administrators need a court order before distributions can be paid. The FSCS will open to Argentex 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 not sure which group you fall into, or whether you are eligible, talk it through with us. The consultation is free with no obligation, and if there is an FSCS claim to pursue when the scheme opens, we will be ready to act on a no win, no fee basis. Call 0800 041 8359 or make an enquiry.
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
