Insolvency of Ipagoo: the High Court finds no statutory trust for electronic money holders
23 September 2021
The High Court has found that the Electronic Money Regulations (EMRs) do not impose a statutory trust over customer funds.
The FCA has been granted permission to appeal this decision. It would be prudent for e-money institutions and their stakeholders to wait for the decision on appeal before proceeding entirely on the basis that there either is or is not a statutory trust.