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.”