Morses Club FCA lifts its suspension of Wirecard UK’s activities

Morses Club PLC (LON:MCL) has confirmed that following the FCA’s lifting of its suspension of the regulated activities of Wirecard Card Solutions Ltd, the operations of U Holdings Ltd, a leading digital current account provider and division of Shelby Finance Limited, a Morses Club subsidiary, have resumed and are operating as normal.  

U Account customers are now able to access their accounts and transact as usual.

U Account is well progressed with its plans to launch a new banking service in the Autumn. In recognition of the considerable impact and distress the temporary freezing of its accounts has caused our customers, U Account is offering existing customers free banking services during July. Further information about the new banking service will be provided in due course.

U Account customers’ money is held in a client account with Barclays UK, meaning that these funds are ringfenced and were not at risk despite the temporary suspension of Wirecard UK’s activities.

Paul Smith, Chief Executive Officer of Morses Club, commented:

“We are extremely pleased that the FCA has lifted its suspension of Wirecard UK’s activities and we can confirm that all of our customers’ accounts are now operating as normal.

“We recognise that the temporary freezing of U Account’s services has caused significant frustration and distress for our customers, who have remained our priority throughout. Although the situation was not caused by us, we feel strongly that our customers should be rewarded for their loyalty and as such are offering our existing banking customers free services during July.  We are focussed now on the launch of a new banking service for our customers in the Autumn.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Morses Club

More articles like this

Morses Club

Doorstep loans vs payday loans

When searching for a short-term loan, you may have come across the phrases ‘doorstep loan’ and ‘payday loan’. But what do these terms mean, and what’s the difference between the two?  Understanding the difference will help you choose

Morses Club

Rent or Mortgage?

When moving home, you may need to initially decide whether you should rent or own a property. This may feel overwhelming as there are many factors to consider, but don’t worry – you’ll soon be able to make

Morses Club

7 things to avoid with a credit card

Credit cards can be a great way of spreading the cost of larger items or covering emergency expenses. However, it can be easy to lose track of spending, forget to make a payment or miss those extra interest

Morses Club

What is APR?

APR stands for Annual Percentage Rate and relates to the total cost of the loan. The purpose of an APR is to help people compare loans and credit cards more easily. How is APR calculated? APR is calculated

Morses Club

Money advice every young person should know

Getting that first payslip and being able to spend your money on whatever you want can be exciting, but it can be easy to get carried away with your spending. Poor money management when you’re young can lead

Morses Club

Morses Club update on funding arrangements

Morses Club PLC (LON:MCL), an established provider of non-standard credit services, has provided the following update to investors.  The Company announced that it has agreed with its current funding consortium an extension of the term-out clause from September 2022 to

Morses Club

How to save money on your food bill

Feeding the family can be a big expense but there are ways to keep costs down. Here are our tips on how to save money on your food bill. Plan meals in advance Meal planning is a great

Morses Club

What does it mean to declare bankruptcy?

Declaring bankruptcy is a way of declaring yourself as insolvent and is a method used when someone cannot repay any of their debts or meet repayments. It costs £680 to apply for bankruptcy and it is a big

Morses Club

Why should I save for a rainy day?

It can be tough just making your money stretch to cover the bills, let alone being able to save some money too. However, if you can put a little aside each week or month, it does have some

Morses Club

7 ways you could improve your family finance

It can be hard to keep track of where we spend our money, and sometimes it just seems to disappear. Fortunately, there are some simple things you can do to make your income stretch further. Here are 7

Morses Club

How can I get a loan with bad credit?

A bad credit history may make loan providers worry that you will struggle to repay them each month – as they use past habits shown on your credit report to predict future behaviour. However, even if you have

Morses Club

7 ways you could improve your family finance

It can be hard to keep track of where we spend our money, and sometimes it just seems to disappear. Fortunately, there are some simple things you can do to make your income stretch further. Here are 7

Morses Club

Debt management & keeping track of what you owe

When we buy things on credit, it can be easy to lose track of spending. Unfortunately, if you don’t manage your debt properly, it can lead to missed payment fees, overspending and a reduced credit score. Here are

Morses Club

How to build your credit profile

Having no credit history can sometimes be just as damaging as having a bad credit history. This is because companies use your credit report to see how financially responsible you are. If they can’t get a picture of

No more posts to show