Loot Financial Services Limited has entered administration. We explain what this means for customers.
Loot Financial Services is an agent of UK Authorised Electronic Money Institution (AEMI) Wirecard Card Solutions Limited (FRN 900051). Wirecard Card Solutions is authorised by the FCA to carry out electronic money activities. Wirecard Card Solutions is the issuer of the electronic money and provider of prepaid cards to customers of Loot Financial Services.
We are in contact with Wirecard Card Solutions to ensure that Loot Financial Services customer funds continue to be safeguarded and that customers are given sufficient information on how to access their funds.
As of 28 May 2019, customers of Loot Financial Services have been given 60 days’ notice that the product will be closing (by 26 July 2019) and services no longer provided beyond that point. As a result, customers of Loot Financial Services have been asked to withdraw their electronic money funds and to make alternative arrangements. Customers should still be able to access their funds and prepaid cards should remain functional during this period, subject to regulatory and legal obligations.
Loot Financial Services customers can contact Wirecard Card Solutions on 020 808 90581, 0191 227 5450 (Option 1000) or [email protected] if they have any queries.