Halo Financial Limited entered Payment Institution Special Administration on 29 May 2026. Bai Cham and Louise Longley of BTG Begbies Traynor have been appointed as Joint Special Administrators by the High Court of Justice in England and Wales, on an application by the firm’s own directors. Halo Financial can no longer trade, and customer money is now under the administrators’ control while it is reconciled and returned.
This is no longer an FCA restriction — it is a formal insolvency process. Below we set out what Special Administration means, what happens to customer funds, how the safeguarding rules work, and the regulated alternatives available if you need to make an international transfer now.
Is Halo Financial in administration?
Yes. Halo Financial Limited entered Payment Institution Special Administration on 29 May 2026. This is confirmed on the dedicated creditor webpage published by the appointed administrators, BTG Begbies Traynor.
The appointment was made by the High Court of Justice in England and Wales following an application by Halo Financial’s directors, under the Payment and Electronic Money Institution Insolvency Regulations 2021. Bai Cham and Louise Longley of BTG Begbies Traynor are the Joint Special Administrators, both licensed insolvency practitioners regulated by the Institute of Chartered Accountants in England & Wales.
Halo Financial remains authorised on the FCA Financial Services Register under Firm Reference Number 528727. The firm continues to be regulated by the Financial Conduct Authority despite entering Special Administration — but it can no longer provide payment services or carry out currency dealing for customers.
Halo Financial status at a glance (updated 31 May 2026)
| Detail | Position |
|---|---|
| Firm | Halo Financial Limited (Companies House No. 05155787, incorporated 16 June 2004) |
| FCA register | Authorised and regulated, FRN 528727 — continues despite Special Administration |
| Current status | Payment Institution Special Administration from 29 May 2026 |
| Administrators | Bai Cham and Louise Longley, BTG Begbies Traynor (ICAEW-licensed) |
| Customer money | Now under the administrators’ control; reconciliation of balances and open positions underway |
| FSCS protection | No — payment institutions are not covered by the Financial Services Compensation Scheme |
| Safeguarding | Customer money was held separately under the Payment Services Regulations 2017 |
| Trading | Halt — Halo can no longer accept funds or carry out transfers |
What has happened to Halo Financial?
Halo Financial moved from an FCA restriction to full Special Administration over roughly four weeks. The sequence, as set out by the administrators, was:
- 30 April 2026 — Following a margin dispute with its liquidity provider over deposits held in a collateral account, and after notifying the FCA, Halo agreed a voluntary undertaking to restrict its regulated business. This stopped the firm accepting any further customer money.
- 6 May 2026 — A customer filed a winding-up petition against the firm relating to a proposed foreign exchange trade. The board subsequently sought insolvency support from BTG Begbies Traynor.
- 29 May 2026 — On the directors’ application, the High Court placed Halo Financial into Payment Institution Special Administration and appointed Bai Cham and Louise Longley as Joint Special Administrators.
Halo had traded for around 20 years, providing spot foreign exchange and deliverable forward contracts to private and corporate clients — it did not offer derivatives, options, or non-deliverable forwards. In the three years before the administration its turnover averaged around £344 million a year, and over the last 12 months it served close to 3,000 active customers across roughly 30 staff, working from a virtual London office and a physical office in Redruth, Cornwall.
The administrators attribute the failure to a period of cash-flow difficulty, with contributing factors including a transition to a new banking partner, the closure of its head office, and increased operating and licensing costs — part of which related to a March 2025 acquisition of another payment institution’s private client business.
Is Halo Financial a scam?
No. Halo Financial is a long-established, FCA-authorised payment institution that has entered a formal, court-supervised insolvency process. Special Administration is a regulated procedure run by licensed insolvency practitioners under FCA oversight — it is not a scam, and the firm has not disappeared with customer money.
The real scam risk in this situation comes from fraudsters targeting affected customers. The administrators have warned that criminals may pose as Halo, the administrators, or the FCA and offer to “recover” your funds in return for an upfront fee. They will only post updates on their official creditor page, and have flagged the risk of clone websites. If you receive an unexpected call, email, or text asking for money or personal details, end the contact and verify directly using the administrators’ published details below.
What is Payment Institution Special Administration?
Payment Institution Special Administration is a court-appointed insolvency process for payment and e-money firms, introduced by the Payment and Electronic Money Institution Insolvency Regulations 2021, designed to return customer money as quickly as reasonably practicable. It is similar to ordinary administration under the Insolvency Act 1986, but with statutory objectives focused on getting customers their funds back.
The administrators have three concurrent objectives: to return customer money as soon as reasonably practicable; to engage with payment system operators, the Payment Systems Regulator and the authorities; and to rescue the firm as a going concern or wind it up in creditors’ best interests. The affairs, business and property of Halo are now managed by the administrators, who act as agents of the firm without personal liability.
Will I get my money back from Halo Financial?
The administrators have stated that they aim to return customer money directly to customers following a full reconciliation, in line with their statutory duties. They are currently reconciling all customer balances and open positions and will send each customer a statement confirming their position as soon as practicable.
Two points are important, and both come directly from the administrators:
- There is no confirmed timescale. Returning funds may require approval from the Court, and the administrators have said they cannot yet give a definitive timeframe.
- Amounts returned may be reduced. The money customers receive will be reduced by the costs associated with returning funds. Further detail on timing and deductions will follow in the administrators’ report.
The administrators are required to report to creditors within eight weeks of their appointment, setting out their proposals and the likelihood of recovery. Customers and creditors are encouraged to monitor the official creditor page for updates rather than rely on third-party sources.
Are Halo Financial customer funds safe? FSCS and safeguarding explained
Halo Financial is not covered by the Financial Services Compensation Scheme (FSCS). The FSCS protects deposits held with FCA-authorised banks and building societies, not payment institutions — and this applies to the specialist currency broker sector as a whole, including Halo Financial and others. You can confirm what the scheme covers at fscs.org.uk.
Instead, payment institutions are required to protect customer money through safeguarding under the Payment Services Regulations 2017. Safeguarding means a firm must hold customer money separately from its own operating funds, so that if the firm fails, those funds are ring-fenced for customers rather than available to general creditors. Our explainer on how client funds are safeguarded walks through the framework in full.
In Halo’s case, the administrators are now carrying out an assessment to establish which funds are safeguarded for customers and which belong to the firm. Safeguarded funds are protected in principle, but — as the Halo situation shows — recovery in an insolvency can take time and may involve deductions for the cost of the process. This is the key practical difference between safeguarding at a payment institution and FSCS cover at a bank.
What should existing Halo Financial customers do now?
Individual circumstances differ, but the practical steps most affected customers will need to take are:
- Do not send any funds to Halo Financial. The firm can no longer accept money or carry out transfers.
- Monitor the official creditor page at begbies-traynorgroup.com/creditors/halo-financial-limited — the administrators have confirmed this is the only webpage they will use for updates, and have warned about clone sites.
- Wait for your statement. The administrators will write to every customer with a reconciliation of their balance and any open positions. You do not need to do anything to register as a customer.
- Register a complaint or creditor claim in writing if relevant, using the contact details below.
- Stay alert to fraud. Ignore any unexpected contact offering to recover your money for a fee, and verify anything you receive against the administrators’ published details.
- Arrange an alternative provider if you have time-sensitive transfers — property completions, business invoices, payroll, pension payments or school fees — so a new rate can be fixed without delay.
How to contact the Halo Financial administrators
BTG Begbies Traynor has set up a dedicated mailbox and phone line for those affected:
- Email: halo@btguk.com
- Telephone: +44 (0) 121 669 0256
- Post: BTG, Floor 2, 10 Wellington Place, Leeds LS1 4AP
- Official updates: begbies-traynorgroup.com/creditors/halo-financial-limited
What happens to my forward contract with Halo Financial?
A forward contract is a legally binding agreement between you and the firm that issued it. Now that Halo is in Special Administration, the firm can no longer trade, and any open positions form part of the administrators’ reconciliation. The administrators’ statement to customers will set out how your position is treated.
Crucially, forward contracts cannot be transferred to another broker — they remain agreements with Halo Financial. If you need to replace the protection a Halo forward gave you, that would be a new contract at current market rates with a different regulated provider. Anyone facing an imminent settlement date should factor this into their planning. Our guide on what to do if a UK currency broker stops trading covers this scenario in detail.
Halo Financial alternatives: how the main UK currency brokers compare
If you need to keep making international transfers, several FCA-regulated alternatives operate under the same safeguarding framework, with different service models and client focus. The table below summarises the main specialist phone-based brokers in the UK market in 2026.
| Provider | Established | Service model | Typical focus | FCA-authorised structure |
|---|---|---|---|---|
| Cambridge Currencies | 2023 | Phone-based, dedicated specialist per client | Property, business, large international transfers | Operates via FCA-authorised partners Currencycloud (FRN 900199) and ScioPay (FRN 927951) |
| Currencies Direct | 1996 | Phone and online | Property buyers, expats | FCA-authorised payment institution |
| TorFX | 2004 | Phone and online | Property, personal, business | FCA-authorised payment institution |
| Key Currency | 2014 | Phone-based boutique | Personal, smaller business | FCA-authorised payment institution |
| Currency UK | 2002 | Phone and online | Property, business | FCA-authorised payment institution |
All of these firms operate under the Payment Services Regulations 2017, with the same client-money safeguarding requirements. When choosing a replacement, the practical considerations are usually the service model (self-service platform versus a phone-based dealer), the size of transfers a firm specialises in, the currency pairs supported, and how quickly a new account can be opened. Our detailed comparison of Halo Financial alternatives profiles each option in depth.
Cambridge Currencies operates a phone-based model: every client is assigned a dedicated specialist and all transactions are completed by phone, with a checked rate confirmed before any money moves. That suits larger, more considered transfers where direct human contact matters more than a self-service app. Our pages on how we work and large international money transfers set out what to expect.
“When a regulated broker fails, the priority for affected customers is rarely panic — it is process,” says Anthony Bull, CEO of Cambridge Currencies. “Safeguarded money is protected in principle, but recovery through an administration takes time. For anyone with a property completion or a business payment due in the next few weeks, the sensible step is to complete onboarding with a regulated alternative so a fresh rate can be fixed quickly, rather than waiting on a position that is now out of their hands. Forward contracts don’t move between brokers — they stay with the original firm — so any replacement is a new agreement at today’s market rate.”
For overseas and expat Halo Financial customers
Halo has historically served UK expats and international clients moving money to and from the UK. If you are based outside the UK and affected, the same principles apply: safeguarded customer money is protected under UK regulations and being reconciled by the administrators, and you should not send any new funds.
For ongoing transfers, regulated alternatives are available in most major corridors. Our guides on sending money to the UK, currency support for property buyers, and international business payments cover the main use cases. Cambridge Currencies serves clients in the UK, EU, US, Australia, New Zealand, Canada and the wider international market via its FCA-authorised payment partners.
What this means for the wider currency broker sector
The safeguarding regime introduced in 2017, and the Special Administration regime introduced in 2021, were both designed precisely for situations like this — so that customer money at a non-bank payment institution remains protected and can be returned in an orderly way if the firm fails. As Halo illustrates, the protection is real, but the process can be slower and less complete than FSCS cover at a bank.
For customers making large, time-sensitive transfers, the practical question is rarely whether the sector as a whole is safe — it generally is — but whether their specific provider has the operational standing to complete their specific transfer on time. Having an alternative provider ready, with onboarding completed, can be the difference between a transfer that lands on schedule and one that does not. Our weekly currency outlook and 2026 currency forecasts cover the wider market context for anyone reviewing their FX arrangements this year.
Speak to a specialist about your options
If you are an existing Halo Financial customer with a pending transfer, an open forward contract, or a regular currency arrangement to replace, you can speak to a Cambridge Currencies specialist by phone to talk through the regulated alternatives available to you. There is no obligation, and every conversation is with a dedicated specialist rather than an automated platform.
We cannot comment on Halo-specific matters — those questions should go to the administrators or the Financial Ombudsman Service — but we can provide clear guidance on your options. Request a callback or quote here.
Frequently asked questions — Halo Financial
Is Halo Financial still trading?
No. Halo Financial entered Payment Institution Special Administration on 29 May 2026 and can no longer accept funds or carry out transfers. It remains authorised on the FCA register (FRN 528727), but its affairs are now managed by the appointed administrators.
Is Halo Financial in administration?
Yes. On 29 May 2026 the High Court placed Halo Financial Limited into Payment Institution Special Administration, on the directors’ application, under the Payment and Electronic Money Institution Insolvency Regulations 2021. Bai Cham and Louise Longley of BTG Begbies Traynor are the appointed administrators.
Who are the Halo Financial administrators?
Bai Cham and Louise Longley of BTG Begbies Traynor are the Joint Special Administrators, both licensed insolvency practitioners regulated by the Institute of Chartered Accountants in England & Wales. They can be contacted at halo@btguk.com or +44 (0) 121 669 0256.
Will I get my money back from Halo Financial?
The administrators have said they aim to return customer money directly to customers following a full reconciliation, in line with their statutory duties. There is no confirmed timescale, returns may require court approval, and the amount returned may be reduced by the costs of the process. Each customer will receive a statement of their position.
Is Halo Financial a scam?
No. Halo Financial is an FCA-authorised payment institution in a formal, court-supervised insolvency process. The genuine risk is fraudsters posing as Halo, the administrators or the FCA and offering to recover funds for a fee. Ignore unexpected contact of this kind and verify everything against the administrators’ official page.
Are Halo Financial customer funds covered by the FSCS?
No. Payment institutions are not covered by the Financial Services Compensation Scheme. Customer money is instead protected through safeguarding under the Payment Services Regulations 2017, which requires firms to hold it separately from their own funds. The administrators are reconciling which funds are safeguarded for customers.
What happens to my forward contract with Halo Financial?
A forward contract is a legally binding agreement with Halo Financial and cannot be transferred to another broker. Now that Halo is in administration, open positions form part of the administrators’ reconciliation, and your statement will confirm how yours is treated. Any replacement would be a new contract at current market rates with a different regulated provider.
How do I contact the Halo Financial administrators?
BTG Begbies Traynor has set up a dedicated mailbox at halo@btguk.com and a phone line on +44 (0) 121 669 0256, with a postal address at BTG, Floor 2, 10 Wellington Place, Leeds LS1 4AP. Official updates are posted only at begbies-traynorgroup.com/creditors/halo-financial-limited.
What is the best alternative to Halo Financial?
Several established UK currency brokers operate under the same regulatory framework, including Cambridge Currencies, Currencies Direct, TorFX, Key Currency and Currency UK. The right choice depends on transfer size, currency pair, urgency, and whether you prefer a larger online platform or a smaller phone-based specialist service.
How do I move from Halo Financial to another broker?
Open an account with your chosen provider, complete ID verification (typically 24 to 48 hours), and arrange any new transfers at current market rates. Existing Halo forward contracts cannot be ported across. For time-sensitive payments such as property completions, the priority is usually to complete onboarding quickly so a new rate can be fixed.
This article reflects publicly available information as of 31 May 2026 and will be updated as the situation develops. Cambridge Currencies has no connection with Halo Financial and cannot comment on Halo-specific matters; affected customers should contact the appointed administrators or the Financial Ombudsman Service. Cambridge Currencies operates via FCA-authorised payment partners Currencycloud (FRN 900199) and ScioPay (FRN 927951). Client funds are held in segregated, safeguarded accounts at a tier-one credit institution.
