Read on Twitter
Wirecard's UK subsidiary, WCS has been suspended by the FCA.
Looks like this may impact @Soldo @PockitUK @imaginecurve and @revolut, among others.
This is big. https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation
Looks like this may impact @Soldo @PockitUK @imaginecurve and @revolut, among others.
This is big. https://www.fca.org.uk/news/news-stories/requirements-imposed-wirecard-authorisation
User numbers:
@revolut – 8 million (internationally)
@imaginecurve – 500k +
@soldo – 60k companies (more users)
@PockitUK – 500k +
Sadly many of Pockit's users rely on them for access to a basic bank account, too.
@revolut – 8 million (internationally)
@imaginecurve – 500k +
@soldo – 60k companies (more users)
@PockitUK – 500k +
Sadly many of Pockit's users rely on them for access to a basic bank account, too.
Strange that Pockit has also this week had to defend not publishing their latest annual accounts – they are now 8 months late. https://www.thetimes.co.uk/article/pockit-set-to-publish-deep-into-fergie-time-j8npdcnwv
Important to say that there are no confirmed reports of impacts on these startups yet.
I'm basing these thoughts on this article from @i_woodford https://sifted.eu/articles/wirecard-saga-fintech/
I'm basing these thoughts on this article from @i_woodford https://sifted.eu/articles/wirecard-saga-fintech/
These card programmes may also be impacted 
https://twitter.com/paullewismoney/status/1275404227800637441?s=20
https://twitter.com/paullewismoney/status/1275404227800637441?s=20
@MartinSLewis @paullewismoney You may want to jump on this. https://twitter.com/jameshurley/status/1276441027323277312?s=20
Update: @curve telling users to 'carry a backup card'. https://twitter.com/fredsoneya/status/1276481144712769537?s=20
Also, @ANNAMoneyUK going even further: https://twitter.com/ANNAMoneyUK/status/1276472004632289280?s=20
I'm a bit confused as to why @MoneySavingExp @MartinSLewis @paullewismoney etc. aren't jumping on this – perhaps they're waiting to hear from customers who have had their funds frozen?
Update: @pockituk have been contacting their users, amid reported issues with payments not being received.
I hope @TheFCA have some consumer-facing guidance they can issue before the weekend.
Particularly for @PockitUK users who often use their accounts as their main account, many of whom being vulnerable. They will want clarity over when they will next be able to feed their kids.
Particularly for @PockitUK users who often use their accounts as their main account, many of whom being vulnerable. They will want clarity over when they will next be able to feed their kids.
I’m going to go out on a limb here and tag in @chris_fitch @McnabGareth @martin_coppack.
Given the likely impact to vulnerable people of above, do any of you have a potential link to @TheFCA or another route to make sure people get appropriate guidance ASAP?
Given the likely impact to vulnerable people of above, do any of you have a potential link to @TheFCA or another route to make sure people get appropriate guidance ASAP?
@Soldo now telling customers they are "working with Mastercard to resume services" https://twitter.com/Soldo/status/1276506667686014977?s=20
Checking back in. It's horrible to see @PockitUK customers panicking on Twitter. Many tweets like this: https://twitter.com/Jodie22430498/status/1276516258033340418?s=20
An excellent point from @annacod about @ANNAMoneyUK's freelance users being double-hit during COVID-19. https://twitter.com/annacod/status/1276474309066842115?s=20
@PockitUK this morning updating their blog, but no answers yet for their users who are stuck without access to funds. https://twitter.com/PockitUK/status/1276832531879518209?s=20
Newcomer @TymitApp also affected: https://twitter.com/simon_kiteless/status/1276547493455675394?s=20
