Wirecard UK unlocks customers' cash after FCA freeze

Wirecard filed for court protection from creditors on Thursday. Creditors who lent it as much as €3.2 billion are wondering if they will ever see their money again

The regulator intervened and suspended Wirecard's activity last Friday following the discovery of €1.9bn missing from the firm's German parent company, Wirecard AG. "However, we can not lift the restrictions without reassuring ourselves that the firm has been able to satisfy all our concerns for example that all clients' money is safe".

In an internal note to senior partners on Friday, EY advised them to tell clients that the "objective" of the large global fraud at Wirecard was to "deceive investors and EY".

In a statement the British regulator said: "Our primary objective all along has been to protect the interests and money of consumers who use Wirecard".

The German payments company said on Saturday that its business operations were "ongoing" and that it was reviewing whether insolvency applications would have to be filed for subsidiaries.

Wirecard Card Solutions said it was pleased with the changes and would work closely with the FCA to have the remaining restrictions lifted "as soon as possible".

An Post has apologised for the mess.

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"An Post thanks customers for their patience and we apologise once again for the disruption and inconvenience caused", An Post stated. "We will issue a further statement when more information becomes available", the State-owned postal company said.

Last week An Post was forced to suspend its Money Currency Cards after the issuer of the card, collapsed German firm Wirecard, was required to halt all regulated activities by the United Kingdom financial regulator.

U Account customers now have full access to cash, which was previously frozen, albeit ring-fenced in a safe Barclays UK account.

The FCA said written consent for Wirecard to continue providing payment services was granted on Monday and that restrictions would be lifted by Tuesday.

Wirecard in the United Kingdom has been obliged to hold customer funds separately from its own money under Britain's customer safeguarding rules.

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