Cashplus Wirecard Update

On Friday, 26th June the FCA, the UK's financial regulator, ordered Wirecard UK to cease all regulated activityCashplus accounts are not affected by this but services from other current account providers that rely on Wirecard products may be unavailable or be affected in other ways. 

We'd like to reassure you that this action has no direct impact to Cashplus or our customers, as we hold our own E-money licence and have no commercial relationship with Wirecard. However, we understand this may still cause you some concern about the safety of your money which is why we've put together some simple FAQs below. 

 

  • The safety and security of our customer's money is our number one priority and Cashplus has been trusted with customer funds for over 15 years. Because Cashplus is an e-money issuer, we must hold 100% of the funds in our customer accounts in special, protected account at major UK banks - this is called safeguarding and it means these funds are ringfenced so we can't use them. 

    You can find out more about the rules around safeguarding for e-money issuers on the FCA's website

  • Currently, as an e-money issuer, Cashplus safeguard all funds received into your account under e-money regulations and Cashplus can't use those funds. 

    You can find out more about the rules around safeguarding for e-money issuers on the FCA's website

  • As you may know, Cashplus applied to become and bank in 2018 and we're well into the process which is why we've been sharing details with our customers as we go over the last 12 months. While we can't give an exact date, if all goes to plan, we could be a fully-fledged bank by the end of 2020.

    What's important for you to know is that the safety and security of our customer's money is our number one priority and Cashplus has been trusted with customer funds for over 15 years. Because Cashplus is an e-money issuer, we must hold 100% of the funds in our customers accounts in special, protected accounts at major UK banks - this is called safeguarding and it means these funds are ringfenced so we can't use them. 

    Stay up to date on the Cashplus bank licence application.

  • If you hold accounts or pay funds into accounts held by other providers that use Wirecard services, these services may be affected by the FCA's decision. Before you make any payments or transfers, we recommend checking that the account you're transferring your money in to is not impacted. 

    If you've transferred funds into an account that is impacted by the Wirecard incident, after mid-day on Friday 26th June, then the funds should be returned to us and back into your account within 48 hours. If you haven't received any funds back into your account after 48 hours, once you've confirmed with the provider that the money was not applied to the other account, then please contact us

Terms and Conditions apply, including applicants being resident in the UK & aged 18+ and, if relevant, businesses being based in the UK. For full website terms including information on Cashplus, Mastercard and use of Trademarks, please see our full legal disclosures at https://www.cashplus.com/legal/. **Credit facilities are provided by Advanced Payment Solutions Ltd (APS) and are subject to the AFL Cashplus e-money account being in good standing and applicants aged 18+. APS is authorised and regulated by the Financial Conduct Authority for consumer credit activities (Registration No. 671140). ♦Calls to 03 numbers cost no more than a national rate call to a 01 or 02 number and will count towards inclusive minutes in the same way as 01 and 02 calls. Calls may be recorded.