Sukate & Bezeboh (SB Remit) enters administration
Small FCA-authorised payment institution Sukate & Bezeboh Ltd (SB Remit) entered administration on 22 May 2026 after voluntary undertaking.
SB Remit, a small payment institution, entered administration following restrictions preventing acceptance of new customer funds. Joint administrators from Opus were appointed, continuing a pattern of small PSP failures requiring orderly wind-down and customer fund protection.
Highlights ongoing fragility among small PSPs and supervisory use of voluntary undertakings before failure.
Action Required
Identify any SB Remit exposures and reassess controls over small payment institutions.
Second PSP failure in batch reinforces sector-wide payments resilience concern.
Confirm no direct exposure to SB Remit; strengthen PSP onboarding and ongoing monitoring including safeguarding and financial resilience checks.
“FCA confirmed SB Remit, a small payment institution, entered administration on 22 May 2026 after a voluntary undertaking restricting acceptance of new customer funds.”