Wirecard UK collapse

That is terrible. People already struggling chose this service to manage their money and now can’t access it

Two of the finco’s I have used have both said that they ditched Wirecard UK some time ago and now don’t use their service so no worries there. They are Revolut and CaxtonFX :sweat_smile:
Further reference:

Who’s providing the deposit guarantee Graham?

Not looking good for creditors…



Customers money is supposedly held in ring-fenced accounts at Barclays (I think) as a requirement of the FCA but it may be some time before the whole sorry mess is sorted leaving customers exposed in the meantime…
Other providers may of course “cash in” on the scenario with their products on the basis that moneys will eventually be repaid but - as they are not charitable institutions - there may be fees to pay :wink:

https://www.bloomberg.com/news/articles/2020-07-02/deutsche-bank-considers-financial-support-for-wirecard-bank-kc4tsbnd