Morses Club warns over Wirecard suspension

Paul SmithPaul Smith
Paul Smith
Morses Club has warned on the impact of the suspension of regulated activity of Wirecard UK.

The Leeds-based lender was commenting after Wirecard was suspended by the Financial Conduct Authority after its parent company in Germany collapsed with €3 billion worth of debt.

Wirecard UK is the card issuer and banking partner for U Account, a subsidiary of Morses. Its activities make up two per cent of its income. U Account customers can only view their balances as a result of the suspension and cannot access funds.

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Paul Smith, Chief Executive Officer of Morses Club, said, “We understand the frustration and distress that the requirements imposed on Wirecard UK by the FCA are causing our customers. We are in regular contact with the FCA and Wirecard UK to understand the situation and find a swift resolution for our U Account customers. While our customers’ money is not at risk, we understand the difficulty this temporary suspension is causing our customers and we are working tirelessly to find a solution.”