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Daniel Conway and Geoff Rowley of FRP Advisory Trading Limited were appointed the Joint Special Administrators (“JSAs”) of Silverbird Global Limited (“the Company” or “Silverbird”) on 13 March 2024.
Only limited information is available at this early stage of the Special Administration. Our initial actions will be to secure the assets of the Company, including securing all customer safeguarded funds. Whilst every effort will be made to return funds to customers as soon as possible, it will firstly be necessary for the JSAs to secure control of all relevant information, reconcile balances and ensure that the necessary due diligence and know your customer information is present, current and correct.  Unfortunately, customers will not have access to their funds while this work is being undertaken.We will update this website with any updates on progress along with detailed Frequently Asked Questions (“FAQs”). Should you have any queries please consult this website in the first instance. Please continue to submit any enquiries you may have to the Silverbird Customer Services team in the first instance at client@silverbird.com.The JSAs’ team can be contacted by emailing silverbird@frpadvisory.com for specific enquiries. Please note that due to a high volume of enquiries we may not be able to respond to you immediately.
Being Alert to Scams All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from Silverbird, FRP Advisory or the FCA and are suspicious about the caller’s identity, please end the call and call back using the phone number on their website. More information about this can be found on the FCA website at https://www.fca.org.uk/consumers/protect-yourself-scams. Do I need to use a third party to get my money back? If you are approached by a company offering to help you recover your money, you should proceed with caution. For the vast majority of the Company’s customers, there will be no benefit in involving a third party in making a claim. If you have any questions about the special administration process, please contact the JSAs using the contact details above. The affairs, business and property of the Company are being managed by the Joint Special Administrators. The Joint Special Administrators act as agents of the Company and contract without personal liability.Daniel Conway is authorised to act as an insolvency practitioner by the Institute of Chartered Accountants in England & Wales.  Geoff Rowley is authorised to act as an insolvency practitioner by the Insolvency Practitioners Association.  The Joint Special Administrators are bound by the Insolvency Code of Ethics.The Joint Special Administrators may be Data Controllers of personal data as defined by the Data Protection Act 2018. Personal data will be kept secure and processed only for matters relating to the appointment. For further information, please see our Privacy policy at https://www.frpadvisory.com/legal-and-regulatory-notices/privacy-notices/personal-information-processing/.


How Silverbird looks after your money

In this document, we want to explain how Silverbird protects your money through "safeguarding" and how that’s different from how banks preserve your money in the UK.

First of all, it’s important to understand that Silverbird is not a bank. Silverbird is a technology platform that works through Currencycloud — a regulated Electronic Money Institution in the UK and Netherlands.

We protect your money through a process known as safeguarding. Regulators require that we keep your money separate from ours. 100% of your money is kept at reputable UK and EU banks.

Read further to learn more about what that means for you and your business.

Is Silverbird a bank?

Silverbird is a collective name for Silverbird Global Limited and Silverbird Europe UAB. 

Silverbird is not a bank.

Silverbird Global Limited is an electronic money institution which is authorised and regulated by the Financial Conduct Authority ("FCA") under the Electronic Money Regulations 2011 for the issuance of electronic money, and the provision of payment services (FRN: 942055).  Head office of Silverbird Global Limited is at: One Canada Square, Canary Wharf, London E14 5AB.

Silverbird Global Limited also acts as an appointed representative of The Currency Cloud Limited. In such cases, the payment services are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).

Silverbird Europe UAB is an appointed representative of Currencycloud B.V. Payment services are provided by Currencycloud B.V. Registered in The Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296-298, 1012 RT Amsterdam Netherlands. Currencycloud B.V. is authorised by the De Nederlandsche Bank under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: R142701).

Clients' money is safeguarded with reputable UK and EU banks. Financial Services Compensation Scheme (FSCS) does not apply.

Are my funds safe in my Silverbird account?

Yes, your funds are safeguarded with UK and EU banks following all the requirements and regulations of the Financial Conduct Authority (FCA in the UK) or De Nederlandsche Bank (DNB in the Netherlands, EU). This means your funds are never moved without your instructions, invested, or lent to anyone else. In the unlikely event of Silverbird’s bankruptcy, you should get your money back minus cost of administrator or liquidator of the firm.

We use industry-leading TLS encryption protocols to keep your data safe, as well as two-factor authentication to make sure all the actions on our banking platform are indeed taken by yourself or an authorized member of your team.

To learn more visit the FCA or DNB website

What is safeguarding?

Silverbird and its partners are required by law to separate clients' money from its funds.

By doing this, it ensures that if anything were to happen to Silverbird or its partners, your claims are to be paid from the safeguarding account in priority to all other creditors.

To explain in more detail: once an e-money institution receives your money, it must either place it in a dedicated "safeguarding account" with a bank or invest it in low-risk assets that the regulator has approved as an alternative to cash. Less commonly, it may protect the money with an insurance policy instead. Your money must stay in these accounts or investments until you spend it.

The protection this provides means that if an e-money institution fails, there should be a pot of money (the safeguarding account) sufficient to pay all customers the money they are owed. Your claims are to be paid from these safeguarding account in priority to all other creditors. The only thing that can be paid from these safeguarding accounts before the customers are paid back their e-money is the cost of the administrator or liquidator (the person who’s appointed to manage the closure of a failed company).

How is safeguarding different from the FSCS protection given by traditional banks?

When you keep money with an e-money institution, it’s safeguarded instead of having FSCS protection (which is sometimes referred to as "deposit insurance").

The main difference between FSCS protection and safeguarding is as follows: UK-authorised banks, building societies or credit unions are protected by the FSCS. If one of these firms fails or become insolvent, the FSCS will protect your money up to £85,000 per depositor.

In case of e-money institutions (like Silverbird or its partner Currencycloud), the regulator requires them to keep your money separate from their own money. The money in the safeguarding account should always equal the money you provided to an EMI and cannot be moved out without your instructions. This means that, if an EMI goes out of business, you should get your money back minus the costs incurred by the administrator or liquidator of the firm. In some cases, it could take longer to be refunded than it would with a bank.

Where are my funds held?

Your money is kept in safeguarding accounts with reputable banks in the UK and EU, such as Barclays Bank PLC* in the UK.

* Barclays Bank PLC does not monitor the funds that are placed on the safeguarding account or how you operate these accounts

What would happen if Silverbird went into administration?

Regulators require that we keep your money separate from ours. 100% of your money is kept at reputable UK and EU banks. If we go out of business, you should get your money back minus the costs of the administrator or liquidator of the firm.

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