Monevium Ltd

Reference number: 766038

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Authorised, but in an insolvency process

This firm is under the control of insolvency practitioners and may have stopped taking on new business. If you are or were a customer, deal with the appointed office holders rather than the firm.

What the FCA says

ATTENTION - Firm in an insolvency process

This firm is in an insolvency process. It is under the control of the appointed insolvency office holder(s) and may have stopped taking on new business. It has to continue to meet our standards in line with its regulatory status, including when dealing with its customers. If you are/were a customer check how this affects you with the firm or the appointed insolvency office holder(s).

Identity

Check their details

Compare these against whatever you were given. Scammers clone real firm names and reference numbers but use their own phone number and website, so a detail that does not match the register is the clearest warning sign there is.

  • No website on the FCA register

  • No phone number on the FCA register

  • Verified address

    c/o Adam Stephens and Christopher Allen both of S&W Partners LLP, 14th Floor, 103 Colmore Row, Birmingham, B3 3AG, United Kingdom

Also trades as
  • XPSPAY

Company details

From the company's Companies House record.

Concerns on the company record

  • Companies House records this company in administration, but it is still authorised on the FCA register.
  • This company has insolvency history on record.
Company number
10251711
Company status
Administration
Company type
Private limited company
Incorporated
25 June 2016 (10 years old)
Registered office
C/O Restructuring S&W Partners Llp 45, Gresham Street, London, EC2V 7BG
Nature of business
  • Financial intermediation not elsewhere classified (SIC 64999)

Current directors and secretaries

Name Role Born Appointed
Alexey Stepanov Director Sep 1983 25 Jun 2016

Check on the FCA register → Report a scam →

Activities and protection

What the record covers, and how you are protected

  • In an insolvency process
    Money the firm held is returned through the appointed office holders, which takes time and can fall short. The FSCS covers eligible claims up to its limits, and the Ombudsman can still look at a complaint.
Show FCA detail (5 permissions)
  • 1. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.
  • 2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.
  • 3. Executing payment transactions (no credit line)
  • 5. Issuing and/or acquiring of payment instruments.
  • 6. Money remittance.

Limits on the record

  • Voluntary Undertaking
    1. To refrain from, save as is expressly set out below, taking any action which has the effect of disposing of, withdrawing, transferring, dealing with or diminishing the value of any of its own assets, or assets held for or on behalf of others, including client money or custody assets, other than in the ordinary and proper course of business or otherwise with the Authority's consent. 2. To refrain from, except with the Authority's written consent, onboarding any New Customers (the Authority acknowledges that the Firm has stated it ceased Onboarding New Customers with effect from 5 January 2024). 3. To refrain from, except with the Authority's written consent, undertaking any Regulated Payment Services for which it has permission (and any regulated services for which it does not have permission), for any client of the Firm, save that the Firm shall be permitted to execute payment instructions provided to it by its Existing Clients before the coming into force of these restrictions. 4. To refrain from, except with the Authority's agreement, recommencing any payment services for any client of the Firm.

Track record

FCA actions and complaints

No FCA disciplinary action, and no complaints recorded with the Ombudsman.

Previously registered as

The FCA register holds one earlier registered name for this firm. A registered name changes when a firm rebrands, and a partnership's changes whenever its partners do.

  • Advanced Wallet Solutions Limited

Names it no longer trades under

This firm has retired one trading name. If you were contacted under one of these, the name did belong to this firm, but check the current details above before going ahead.

Show the retired name
  • XPS

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Common questions

Frequently asked questions

Is Monevium Ltd FCA authorised?
Yes, Monevium Ltd (FRN 766038) is authorised by the FCA to carry out regulated activities. It is also in an insolvency process, under the control of insolvency practitioners, so deal with the appointed office holders rather than the firm.
Is my money safe with Monevium?
Monevium is under the control of insolvency practitioners, so money it held is returned through the appointed office holders rather than by the firm. That takes time and can fall short. Where money is missing, the FSCS covers eligible claims up to its limits, and the Financial Ombudsman Service can still consider a complaint.
Is Monevium a scam or clone?
Monevium is a genuine FCA-listed firm. However, scammers sometimes clone authorised firms. Always check that the contact details you were given match those on the FCA register before sending money or sharing information.
What is Monevium's Firm Reference Number (FRN)?
Monevium's FRN is 766038. You can verify it on the FCA register.