Wirecard statement from thinkmoney

Wirecard statement from thinkmoney

*UPDATE - The FCA removed the temporary restriction on Wirecard Card services on 30th June and account providers began the process of allowing customers access to funds in their accounts.*

thinkmoney unaffected by issues with Wirecard

You may have seen in the news that people with banking services linked to Wirecard have had their accounts frozen. We'd like to assure our customers that this does not affect thinkmoney, or your accounts, in any way and that all funds in your account are protected. To help clear up what's been going on, we've covered all the key information below.

What is happening with Wirecard?

As of today (Friday 26th June 2020), the Financial Conduct Authority (FCA) has suspended all accounts related to payments firm Wirecard effective immediately in the wake of the company’s insolvency after its alleged €1.9bn (£1.69bn) accounting fraud scandal.

The UK branch of Wirecard has been ordered to immediately freeze all accounts and regulated activity. As a result of this, people whose banking services use Wirecard won’t be able to use their cards or transfer money to and from their accounts. The activity freeze also extends to Wirecard’s additional services such as the issuing of e-money and prepaid cards. On the matter, the FCA has said:

“On 26 June, we took additional measures to require the firm to cease all regulated activities in order to further protect customer money. This now means customer money cannot be accessed. Our primary objective is to protect the interests and money of consumers who use Wirecard.”

Wirecard, which had typically processed tens of billions of euros worth of transactions every year, filed for insolvency on Thursday 25th June after failing to reach a deal to keep the company afloat.

Anyone affected by the account freeze is being advised to get in touch Wirecard or their card provider directly. People who receive benefits through these systems are being referred to the Department of Work and Pensions (DWP) for additional support.

Does this affect my thinkmoney Current Account?

No. The money in your thinkmoney account is held in a separate safeguarded account at the Royal Bank of Scotland (RBS), so your money is protected and which is protected, so your money is not at risk if anything was to happen to us.

Your thinkmoney Card is directly issued by us, Think Money Limited, and therefore no thinkmoney accounts will be affected as a result of Wirecard’s suspension. Some of the other banking providers that do use Wirecard are Anna Money, CardOne, Curve, Revolution, Pockit, Soldo, and U Account.

How your funds are protected

We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Register No. 900033) for the issuance of electronic money and provision of payment services. In line with these regulations, the money in your account is protected and is held in a separate safeguarding account by RBS, meaning that it’s protected in case anything were to happen to us.

How your funds are protected

We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Register No. 900033) for the issuance of electronic money and provision of payment services. In line with these regulations, the money in your account is protected and is held in a separate safeguarding account by RBS, meaning that it’s protected in case anything were to happen to us.

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