Racing FX customers frustrated as payments from troubled firm remain outstanding

Customers of racing payments company Racing FX have been asked to remain patient while funds are readied for redistribution following the collapse of the firm used to process transactions for the business.

Racing FX, formerly a prominent sponsor in racing and used by individuals to make payments in foreign currencies, voluntarily suspended its operations in October last year after Supercapital, the company used by Racing FX to process payments, went into administration.

Among Racing FX’s customers were a number of transportation companies, which have been unable to access funds deposited in accounts, while some have become frustrated by a perceived lack of communication during the administration process.

Merrick Francis, managing director of Lambourn Racehorse Transport and chairman of the Racehorse Transporters Association, said: “We’d all like it resolved. In these troubled times and with that money just sat there we all just hope that it will arrive back to everyone very soon.”

Administrator Griffins confirmed last year that funds deposited by Racing FX customers were safe, and in an email sent to another transporter last month, Racing FX stated it had received payment from Griffins and that approval from the Financial Conduct Authority (FCA), the financial regulatory body, was the final hurdle that needed to be cleared before the money could be distributed.

The email said: “Our lawyers and directors have requested permission from the FCA to make the onward remittances. We have tried to get them to commit to a timescale on the phone.

"They would not provide one so we warned them that the complaints would start arriving at their door if they did not turn around and approve the return of money to people. The FCA are the only party contributing to a delay in the return of customers their money.”

The FCA urged Racing FX customers to keep in contact with the payment provider, and a spokesperson for the regulator said: “We continue to work with Racing FX to ensure that customer funds are returned. We understand customers are keen for progress updates and their money back.

“We hope with the cooperation of the firm that this will happen as soon as possible whilst ensuring that the firm distributes funds appropriately in the circumstances. We encourage customers to liaise with the firm during this time.”

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Crunch meeting for Racing FX customers in limbo over frozen funds

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