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Currency exchange company goes under

Crown Currency Exchange, one of many currency exchange businesses in the UK, has today been placed in administration with 13,000 customers potentially on the verge of losing their money. Over the last few days there have been problems with the company's website and orders would appear to have stalled but only today did we learn that apparently the company is insolvent and administrators have been appointed. So what next for the 13,000 customers affected by the collapse?

The company's bank accounts were frozen over the weekend by Barclays Bank although the worrying impact for customers is the fact that "payment institutions" are not covered by the Financial Services Compensation Scheme and many could in fact lose their funds. However, it is unclear exactly how many orders are outstanding and how much money has been taken from customers which will not be fulfilled in the future.

While we have come to the end of the traditional summer holiday season a number of people tend to look towards their holidays for next year and Christmas therefore the funds in question could well be substantial. Many holidaymakers are now faced with the prospect of having handed over their savings to be exchanged into various currencies only to find their funds have been deposited and they may never see their money again.

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