Martin Lewis issues 'money transfer' warning after popular firm 'goes bust'

Martin Lewis has issued a money transfer warning after a popular company went bust. The BBC Sounds and ITV regular spoke out on Twitter, now X, in the wake of the worrying development which will impact a swathe of people across the UK.

Mr Lewis said: " Have you been or do you know someone impacted by Small World Money Transfer which has gone bust? Are you out of pocket. I hear the firm is common within the Filipino community, especially in London. We're looking at it and would like to find out people's situation."

Payment services firm LCC Trans-Sending Limited (LCC) has agreed that it will not onboard new customers, following action from the FCA. LCC Trans-Sending Limited (LCC) trades as Small World Money Transfer, Small World Financial Services, Express Funds, Global Link and Bayba (UK).

READ MORE Foreign Office 'alters' Spain, Turkey, Greece travel advice amid 'red alert'

The FCA confirmed: "On 10 June 2024, LCC closed to new business and stopped accepting funds from customers. To make sure customers are protected, we invited LCC to sign a formal agreement about this."

On 13 June 2024, LCC signed an undertaking that it will not on-board new customers or on-board or register new agents or accept new funds from existing customers. The FCA said: "Some customers may be facing issues accessing funds they have recently paid in.

"We are engaging with the firm about how it deals with these customers." It added: "If you have money with LCC or with one of LCC’s agents and have trouble accessing your funds, contact the firm directly. LCC is authorised and regulated by the FCA to provide payment services, specifically money remittance services, under the Payment Services Regulations 2017 (PSRs).

"LCC is also supervised by His Majesty’s Revenue and Customs (HMRC) for money laundering purposes." Confidential messages from Small World sent to retailers offering the service on 14 June, seen by Better Retailing, confirmed that Small World has “stopped providing services and providing customers with additional information”.

The messages also revealed that Small World believes “not all payments our customers ask us to send will reach the person they are trying to pay”. It said Small World “aims return funds to senders where possible”.