[Ramsdens] Wirecard UK accounts frozen - £1.9billion fraud

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[Ramsdens] Wirecard UK accounts frozen - £1.9billion fraud

Post by parchedpeas » Fri Jun 26, 2020 10:57 pm

https://www.moneysavingexpert.com/news/ ... unts-froz/

Thousands of prepaid card users have been left unable to access their own cash or use their cards after the Financial Conduct Authority (FCA) today ordered a firm called Wirecard Card Solutions Ltd to suspend its operations in the UK and freeze customer funds, after a major accounting scandal at its German parent company.

Ramsdens one of the cards affected. So a heads up to watch over the weekend.

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Re: [Ramsdens] Wirecard UK accounts frozen - £1.9billion fraud

Post by AAAlphaThunder » Sat Jun 27, 2020 4:36 pm

The cards in question are Ramsdens currency cards.

A company like Ramsdens should have a contingency plan in place for such an eventuality.
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Re: [Ramsdens] Wirecard UK accounts frozen - £1.9billion fraud

Post by garindan » Sun Jun 28, 2020 11:16 am

I think if it had just been Ramsdens effected by this it would have been an issue but there are plenty of big names on that list of white-labelled cards. The effects should definitely be lessened considering holidays have not been available recently. That's not to say there will be no fallout from it though.
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Re: [Ramsdens] Wirecard UK accounts frozen - £1.9billion fraud

Post by blythburgh » Mon Jun 29, 2020 8:56 am

Even if it does push the Ramsden share price down it will only be a blip. The important thing to remember with shares is that it is only a profit or a less when you actually sell.
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Re: [Ramsdens] Wirecard UK accounts frozen - £1.9billion fraud

Post by AAAlphaThunder » Tue Jun 30, 2020 7:48 pm

Wirecard UK unlocks customers' cash as ban lifted

The UK's financial watchdog has lifted restrictions on German payments company Wirecard, allowing it to resume payment activities.

The Financial Conduct Authority (FCA) imposed restrictions on the company's UK arm after its collapse last week.

Thousands of people could not access their money or make payments through apps as a result.

"Our primary objective all along has been to protect the interests and money of consumers," the FCA said.

Customers should now, or very shortly, be able to use their cards as usual.

Christopher Woolard, the FCA's interim chief executive, told the BBC's Today programme the FCA had "imposed very strict conditions" on Wirecard's UK subsidiary based in Newcastle, which had knock-on effects for about 70 payments firms.

"When we did that we were acutely conscious that there are some really vulnerable people who rely on those services for example to get benefits payments paid to them," he said.

Mr Woolard said the FCA had spent the last few days making sure money belonging to people in the UK was now safeguarded in UK bank accounts with strict conditions.

"What that means is, if you've got either a card direct from Wirecard or from one of these 70-odd firms that relies upon them, those cards should start working today," he said.
Source and Full Story:
https://www.bbc.com/news/business-53230026

Good news, Ramsdens foreign currency card services are back up and running.
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