Silverbird Global Limited Initiates Special Administration Process
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Silverbird, an international trade payment platform, has entered into special administration offered by the Financial Conduct Authority. However, the company announced that customer funds won’t be accessible while work is ongoing.
Geoffrey Rowley and Daniel Conway of FRP Advisory Trading Limited have filled the positions of Joint Special Administrators.
Silverbird revealed on its website that there is limited data available at this initial phase of the Special Administration. Firstly, the firm aims to secure its assets, including safekeeping all customer-safeguarded funds.
The company plans to return customer’s funds as quickly as they can with every attempt. However, it is first important for the JSAs to establish authority over relevant information and reconcile balances. Also, it’s vital to ensure the availability of all information regarding “know your customer” and due diligence.
Geoffrey And Conway Aims To Provide Financial Reports To Creditors
Both Geoffrey Rowley and Daniel Conway are expected to provide the creditors with reports within eight weeks. The Financial Conduct Authority mentioned that direct Silverbird customers should contact the JSAs for any inquiries or issues.
The Financial Conduct Authority is a monetary regulatory body situated in the United Kingdom. It functions independently and gets its funding from fees charged to those in the financial services industry.
The authority regulates financial firms that render services to customers. It preserves the integrity of banking sectors in the United States. It also focuses on the conduct management by both wholesale and retail financial services companies.
The regulatory body possesses major powers, one of which is to regulate activities associated with the sales of financial products. It can establish minimal standards and impose specifications on products. It also possesses the power to carry out investigations on individuals and organizations.
The Financial Conduct Authority Regulates 58,000 UK Businesses
The Financial Conduct Authority works jointly with the Financial Policy Committee and the Prudential Regulation Authority to set legal obligations for the financial industry. It is accountable for the conduct of about 58,000 businesses. These businesses employ about 2.2 million people and contribute a total amount of £65.6 billion in revenue each year to the UK economy
Silverbird, on the other hand, is a financial technology firm that provides online banking services for cross-border trade. The company aims to eradicate the financial complexity faced by international merchants.
It also plans to enhance the inclusivity of global banking systems. It focuses on offering unique global banking accounts and fostering cross-border payments.
