Phonecard: The financial custodian removes payment restrictions

Phonecard: The financial custodian removes payment restrictions

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The British financial supervisor lifted restrictions on German payment company Wirecard, allowing it to continue making payments.

The Financial Conduct Authority (FCA) has imposed restrictions on the company in the UK after it went bankrupt last week.

Thousands of people could not access their money or make payments through applications.

“Our primary goal all along has been to protect the interests and money of consumers,” the FCA said.

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

“In the last few days, we have been working closely with Wirecard UK and other authorities to ensure that the firm has been able to meet certain conditions needed to lift the restrictions imposed on it.” it is stated in the FCA statement.

“We are now able to continue Wirecard’s operational activities.”

Several British technology companies have been forced to suspend services due to FCA restrictions, which has blocked thousands of accounts.

For example, Pockit payment cards were locked because they used a payment processing service owned by Wirecard.

‘I’m running out of everything’

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Dawn Guilfoyle

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Dawn Guilfoyle worries that her frozen funds won’t mean hot water

Dawn Guilfoyle is one of thousands banned from using their cash cards due to the failure of the huge German payment company Wirecard.

“It’s really bad. I’m running out of everything,” she says. “Once the gas goes out, I won’t have cooking or hot water anymore.”

Ms. Guilfoyle’s card from online firm Pockit was frozen because the FCA wanted to make sure the money was safe.

Read more about her story here.

The FCA said all customers who still have difficulty using their card should contact their card provider directly.

The action came after German parent company Wirecard discovered a loophole in its accounts worth 1.9 billion euros last week and then filed for insolvency.

Former boss Marcus Brown has been arrested and accused of increasing Wirecard’s finances to make it healthier for investors and buyers.

The FCA said Monday: “There are still certain requirements imposed by Wirecard’s authorization.

“These requirements include restrictions on how he can hold funds and restrictions on his ability to transfer his own assets.”

“The FCA continues to work with the firm to advance these issues,” it adds.

Wirecard did not immediately respond to the BBC’s request for comment.

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