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Nicky Morgan demands answers over service failures at Cashplus

21 September 2018

Following reports of customers being unable to access their accounts, Treasury Committee chair Nicky Morgan calls for Cashplus to answer over service failure.

Read: Correspondence to Chief Executive Officer Richard Wagner from Committee Chair Nicky Morgan.

There have been widespread reports of customers being unable to access their accounts, make cash withdrawals, or make or receive payments.

Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, has written to Richard Wagner, Chief Executive Officer of Cashplus, to find out what has gone wrong, the extent of the failure, and how Cashplus intends to compensate customers who have lost out.

Chair's comment

Commenting on the correspondence, Mrs Morgan said:

“While Cashplus may not be regulated as a bank, it claims to offer “the UK's most seamless banking services experience”. Its customers rightly expect continuous access to their accounts, and it should be held to the same standards of operational resilience as a retail bank.

I have written to Mr Wagner with questions about the causes and consequences of the service failure.

Cashplus markets its personal accounts to those with poor credit histories, and its business accounts to small firms. A loss of banking services can carry particularly severe consequences for these types of customer, and I have also asked Mr Wagner how those who have lost out will be compensated."

Further information

Image: iStockphoto