- Consumer finance group Morses Club confirmed that some U Holdings customers have had their accounts temporarily frozen in the wake of the collapse of Wirecard.

The German company was the card issuer and banking partner for U Holdings, a digital current account provider and division of Morses subsidiary Shelby Finance.

Morses Club said it had been in communication with the UK's Financial Conduct Authority to directly to try and understand when a resolution would be found so that customers could regain access to their own funds.

U Account customers' money was held in a client account with Barclays UK, meaning that those funds were ringfenced and not at risk.

'We understand the frustration and distress that the requirements imposed on Wirecard UK by the FCA are causing our customers,' Morses chief executive Paul Smith said.

'We are in regular contact with the FCA and Wirecard UK to understand the situation and find a swift resolution for our U Account customers.'

'While our customers' money is not at risk, we understand the difficulty this temporary suspension is causing our customers and we are working tirelessly to find a solution.'

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