FairFx card funds frozen due to FCA action against Wirecard Card Solutions Ltd

Mee

Email received today:

We have been advised by the Financial Conduct Authority (FCA) that they have temporarily suspended the regulated activities of one of our card issuers – Wirecard Card Solutions Ltd, the UK subsidiary of Wirecard AG.

This means that you cannot currently use your FairFX card.

As per FCA guidelines, all issuers, including Wirecard, are required to hold customers’ funds in a safeguarded account, which means that they are protected in situations like this. You can find out more information from the FCA here.

We appreciate that this may be disruptive to you. Please be assured that our team is working tirelessly with the FCA, Wirecard and Mastercard to get you back up and running as soon as possible.

Until the FCA unfreezes these funds to make them accessible to customers, FairFX cardholders will not be able to use their cards.

We apologise for the disruption caused by Wirecard’s situation and will inform you as soon as you are able to use your card again.

Mee

Having problems editing so...

See also https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation

Westin

Believe the same issue with CURVE at the moment as well.

Mee

Westin said:

Believe the same issue with CURVE at the moment as well.

Covered by Money Box today - cards and app services affected. Sounds like a right mess and reference to "can of worms" and Enron does not fill me with confidence 😒

https://www.bbc.co.uk/programmes/b006qjnv/episodes/downloads

lutudarum

Of course our contracts are only with FairFX - so if they can't recover our money from Wirecard, it's only FairFX we can sue. The whole thing will fall like a house of cards. I understood from Moneybox that other companies using Wirecard even included Sainsbury's Bank. A pity (to put it mildly) that the comparison sites that recommended FairFX didn't highlight the risks of it not being under FSCS protection.

lutudarum

Please note -- as of 16:30 today, Moneysupermarket.com is STILL listing FairFX at the top of their prepaid cards list, on www.moneysupermarket.com/prepaid-cards
without any warning of the Wirecard debacle.

tehone

Westin said:

Believe the same issue with CURVE at the moment as well.

Curve card are back as from tomorrow (Monday 29 June) - just received an email from them. Really impressed with how fast they have sorted this out.

Migster

FCA restrictions were lifted today, so presumably, Fair FX cards are working again.

miracat

Lads been trying to get help over telephone and email but not getting any help, they are not answering my emails; I cannot use my

own money any one got an idea what's happening to FairFX this month.