Around 50,000 An Post currency cards suspended

  • Around 50,000 An Post currency cards suspended

Around 50,000 An Post currency cards suspended

"Wirecard's parent company, Wirecard AG based in Germany, is now the subject of law enforcement interest and insolvency proceedings".

Thousands of Britons have been left potentially unable to access their own cash after the Financial Conduct Authority froze the United Kingdom licence of Germany's Wirecard.

The UK's Financial Conduct Authority (FCA) announced today it has ordered Wirecard UK to cease all regulated activity after the parent company recently filed for insolvency in Germany. "This now means customers money can not be accessed", the regulator noted.

Martin Lewis, founder of consumer website moneysavingexpert.com, said there is a reasonable expectation that the hundreds of thousands of consumers affected will get access to their money again by Wednesday or Thursday.

Subprime lender Morses Club said the payments freeze had affected customers of its current account service, U Account. These include the likes of Revolut, Pockit, Soldo, Anna Money, and Curve.

"The main point is to reassure them that their card details and their funds are still secure", Griffith said, promising a further update later on Friday. Pending further actions from the FCA, Payoneer customers will temporarily be unable to withdraw the funds on their card, nor receive new payments onto their card until the issue has been resolved.

"We are already well on the way to migrating away from Wirecard but have not fully completed this process". "We are recommending that for the period of this short suspension Curve customers carry an alternative payment method", it added.

ANNA said in a statement that it had had to temporarily suspend customer cards and accounts and was working to restore services as soon as possible. "We hope to be able to issue an update soon".

"WDCS is working hard to have the steps in place which will enable the suspension to be lifted so business can resume as usual".

Funds are not protected, as they are in banks, by the Financial Services Compensation Scheme, but the firm said customers' money was held safely in segregated accounts.

Wirecard AG filed for insolvency on Thursday. Former chief executive Markus Braun has been arrested by authorities in connection with the case, while the company's former chief operating officer is now being pursued by prosecutors.