IMPORTANT - CASH CARD WARNING - FAIRFX etc

[PhilandMena]

I've just gone into my Revolut account on my phone without a problem.

My understanding, is that if you have a problem with Revolute, you cannot have a two way telephone conversation with them but have to go onto a live chat txt type communication, explain your concern etc, etc, and then wait for someone to reply and if you reply to that the same process again but with the response coming from a different agent ? This could be quite a concern for people abroad who have an issue on their account ! Assuming I'm correct in my understanding.

 

[Ingwe]

And again, it's the same old same old from the regulatory authorities. "Yes, they're registered with the FCA but not regulated by them. So you aren't covered by the compensation scheme that covers banks. They may look like banks but aren't banks". I'm paraphrasing here and this isn't an actual quote. I've had years of pursuing claims against banks for misselling derivative swaps blah de blah and have had many meetings with the FSA, FCA, Banking ombudsman, you name it.
And by the time the predictable frauds have been committed and the fraudulent officers have had it away with your hard earned, the regulators say "ooh it's hard, and complicated and too complex etc." What's the point of having regulators if they don't foresee obvious loopholes, frauds, schemes, film-flam to protect us average people? Rant over. Thankfully retired.

 

[Minxy]

My understanding, is that if you have a problem with Revolute, you cannot have a two way telephone conversation with them but have to go onto a live chat txt type communication, explain your concern etc, etc, and then wait for someone to reply and if you reply to that the same process again but with the response coming from a different agent ? This could be quite a concern for people abroad who have an issue on their account ! Assuming I'm correct in my understanding.

I've had to have chats a few times for various things, not necessarily issues, and the whole conversation has always been dealt with by the same person until the chat is ended.

 

[jessthedog]

And again, it's the same old same old from the regulatory authorities. "Yes, they're registered with the FCA but not regulated by them. So you aren't covered by the compensation scheme that covers banks. They may look like banks but aren't banks". I'm paraphrasing here and this isn't an actual quote. I've had years of pursuing claims against banks for misspelling derivative swaps blah de blah and have had many meetings with the FSA, FCA, Banking ombudsman, you name it.
And by the time the predictable frauds have been committed and the fraudulent officers have had it away with your hard earned, the regulators say "ooh it's hard, and complicated and too complex etc." What's the point of having regulators if they don't foresee obvious loopholes, frauds, schemes, film-flam to protect us average people? Rant over. Thankfully retired.

Its not the last we are going to hear of Wirecard. It seems that the FT and many others have been investigating this company for many years. Some serious stuff going on with that firm.
The German financial authority BaFin is now being investigated by the European Securities and Markets Authority.

 

[PhilandMena]

I've had to have chats a few times for various things, not necessarily issues, and the whole conversation has always been dealt with by the same person until the chat is ended.

Thx. I assume from your reply I'm correct about not having the option to talk directly with them !

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[Ingwe]

Its not the last we are going to hear of Wirecard. It seems that the FT and many others have been investigating this company for many years. Some serious stuff going on with that firm.
The German financial authority BaFin is now being investigated by the European Securities and Markets Authority.

Indeed.
About a 100 years ago, when I trained as an accountant before becoming a lawyer, one of the first things you learnt when auditing a company was to check its bank statements to test the veracity of its cash balances. It would appear that Wisecard's auditors (EY) failed to check the bank statements for three years and therefore missed that approx $1billion was missing. Sound familiar? Enron, Andersons the list goes on and on and on.......
The only thing we learn from history is that we don't learn from history.

 

[funflair]

Thx. I assume from your reply I'm correct about not having the option to talk directly with them !

I guess if you had a serious enough problem you might get a conversation but normally it is "in app" and works well, I have used it a couple of times.

 

[Minxy]

Thx. I assume from your reply I'm correct about not having the option to talk directly with them !

Can't say I've ever checked, but probably not.

 

[Abacist]

This mornings News

LATEST UPDATE : 10:00 GMT MONDAY 29TH JUNE


We have now received written confirmation from Wirecard Card Services Ltd that all FairFX customer funds are held in safeguarded accounts with Barclays as per the FCA regulations that are in place to protect your funds. As soon as the FCA lifts the restrictions on Wirecard’s operations, you will be able to access your funds and make payments.

The FCA have confirmed this morning that they are making good progress with Wirecard in evidencing all their requirements and we expect to hear a further update by close of business today (Monday 29th June).

We have developed an alternative card solution that is not dependent on Wirecard and will provide further details of how customers can access this alternative card as soon as the FCA lifts the restrictions on Wirecard’s operations.

We apologise once again for the disruption caused by the Wirecard issue. Most of our employees, from our Executives to our Engineers, volunteered to work throughout the weekend to support our customers through this difficult time and we continue to do everything we can to get you access to your money as soon as possible.

 

[SpeedyDux]

Checked the under-the-mattress account - Euros still there!

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[7735]

I gave up on FairFX long ago, to much faff. Had a couple of transactions refused both at filling stations. I also seem to remember that they charged for withdrawing cash at an ATM. I just use a credit card now with another as backup.
Spongy

 

[Graham27]

Does this include CaxtonFX or Revolut?

I had email from Caxton saying it didn't affect them

 

[RetiredPope]

FCA now lifted Wirecard restrictions as all UK based funds held in UK banks and protected. FairFX and other cards should start working today !

Wirecard UK unlocks customers' cash as ban lifted

Thousands of people were barred from using their cash cards because of the collapse of Wirecard.

www.bbc.co.uk

Seems the missing euro's never existed, but were falsely created in fictitious transactions in Singapore and Middle East to inflate profits and cash position. Be interesting to see why its taken several years for the German auditors to notice.

 

[Millcourt]

Email received this morning........ Fair FX back in operation.