Morses Club PLC - Statement on FCA’s Suspension of Wirecard UK
U Account customer accounts have been temporarily frozen with access to view balances only. This is as a result of direct action on Wirecard's
U Account customers' money is held in a client account with Barclays
U Account currently represents 2% of
"We understand the frustration and distress that the requirements imposed on Wirecard
For further information please contact:
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Tel: +44 (0) 330 045 0719
finnCap Ltd (Nomad and Joint Broker)
Tel: +44 (0) 20 7220 0500
Peel Hunt (Joint Broker)
Jock Maxwell Macdonald (ECM)
Tel: +44 (0) 20 7418 8900
Tel: +44 (0) 20 3757 4994
Notes to Editors
UK HCC is considered to be a specialised segment of the broader UK non-standard credit market. UK HCC loans are typically small, unsecured cash loans delivered directly to customers' homes. Repayments are collected in person during weekly follow-up visits to customers' homes. UK HCC is considered to be stable and well-established, with approximately 1.6 million1 people using the services of UK HCC lenders.
The HCC division is the second largest UK Home Collected Credit (HCC) lender with 224,000 customers and 1,695 agents across 90 locations throughout the UK. The majority of the Company's customers are repeat borrowers and the HCC division enjoys consistently high customer satisfaction scores of 97%2. In
Shelby Finance, via the Dot Dot brand has 37,000 active customers and via the U Account brand, has c.18,000 customers using the online e-money product. Dot Dot is a provider of 3 - 9 month short-term online loans and 18 - 48 month online loans in the non-standard credit market.
About the UK non-standard credit market
The UK non-standard credit market, of which UK HCC is a subset, consists of both secured and unsecured lending and is estimated to comprise around 10 million consumers3 and total loan receivables of
Non-standard credit is the provision of secured and unsecured credit to consumers other than through mainstream lenders. Lenders providing non-standard credit principally lend on an unsecured basis and the market is characterised by high frequency borrowing. Approximately 2 million people move annually between standard and non-standard markets4.
1 High Cost Credit Review ANNEX 1 -
3 FCA High Cost Credit Review Technical Annex 1: CRA data analysis of UK personal debt -
4 Apex Insight - Non-Prime Consumer Credit: UK Market Insight Report -
5 Table A5.2,
This announcement constitutes inside information for the purposes of article 7 of the Market Abuse Regulation (EU) No 596/2014.
This information is provided by RNS, the news service of the
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