(Sharecast News) - Morses Club confirmed on Tuesday that operations at subsidiary U Account have resumed as normal after the Financial Conduct Authority lifted its ban on trading by German payments processor Wirecard's UK business.
The company had said on Monday that customer accounts at digital current account provider U Account were temporarily suspended after the FCA froze the operations of Wirecard UK.
U Account customers are now able to access their accounts and transact as usual, Morses said in a brief statement.
"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."
It reiterated that U Account customers' money is held in a client account with Barclays UK, meaning the funds are ringfenced and were never at risk.
21 Feb 2022 08:42
Morses Club tumbles on profit warning, CEO departure
(Sharecast News) - Morses Club shares tumbled on Monday after the subprime lender warned on profits due to customer complaints and announced the departure of chief executive Paul Smith.
Read more