Morses Club PLC - West Yorkshire-based doorstep lender - Says U Account customer accounts have been temporarily frozen with access to view balances only after UK Financial Conduct Authority suspends regulated activities of Wirecard UK, part of insolvent German fintech firm Wirecard AG. Wirecard UK is card issuer and banking partner for U Holdings Ltd, a digital current account provider and division of Shelby Finance Ltd, a Morses Club subsidiary. "No prior communication was received by Morses Club from Wirecard UK. Morses Club has been in communication with the FCA directly to try and understand when a resolution will be found so that their customers can regain access to their own funds," Morses Club said. U Account customers' money is held in a client account with Barclays UK, meaning that funds are ringfenced and not at risk. U Account represents 2% of Morses Club's total income.
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By Lucy Heming;Â lucyheming@alliancenews.com
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