Exchange Broker, Broke!
Crown Currency Exchange has been placed in to administration and MCR, insolvency firm, has said it cannot guarantee customer that there money will be returned quickly.
There is an estimated 13,000 customers who have money tied up in the exchange broker which has now slipped into administration. People have been explaining how they had already given thousands to Crown Currency Exchange and were yet to receive currency in return.
The firm’s accounts have been frozen by Barclays over the weekend following the events. Crown’s website is now redirecting customers to another company as they say there is currently and issue with their own.
Paul Clark is one of the administrators dealing with the case and he explained that, “no currency order from October 4th onwards, or money due before this date not been delivered, will be fulfilled”. As it is early days there will be a lot of unrest and panic coming from customers who have money tied up in the company and it seems it will take are week or so for things to become a little clearer.
Unlucky customers aren’t entitled to compensation according to the FSA website, though it does say that complaints will be looked into in order to help retrieve money. Many have already written off their cash which was in the hands of the exchange broker deeming it to be a lost cause.
It appears that many people’s planned holidays later on this year, or early next, have taken a serious blow. People involved have been advised to visit the FSA and FSCS websites for further information.