On November 29, 2023, Rational Foreign Exchange Limited (RFX), an FCA-regulated institution offering foreign exchange and payment services, was placed into special administration under the Payment and Electronic Money Institution Insolvency Regulations 2021. This decision came after the firm’s directors determined that RFX was insolvent, leading to a court application for special administration.
Ed Boyle and Kristina Kicks of Interpath Ltd have been appointed as the Joint Special Administrators (JSAs). They are tasked with managing customer claims and facilitating the return of funds to customers, where feasible.
RFX, authorized by the FCA under the Payment Services Regulations 2017 to provide payment services, and controlled by the British nationals Rajesh Agrawal and Paresh Kishor Davdra, has been facing operational restrictions since the FCA imposed an own initiative requirement (OIREQ) on the same day. This OIREQ limits the activities RFX can engage in, with further details available on the FS Register.
In a related development, Xendpay Limited, a PSD Agent of RFX under common ownership, also entered administration simultaneously. Ed Boyle and Kristina Kicks are overseeing the affairs of Xendpay as well.
Customers with concerns or claims are advised to directly contact the Joint Special Administrators at [email protected]. This move marks a significant development in the financial services sector, highlighting the importance of regulatory compliance and financial stability.