General Queries

What has happened to PFS Card Services (Ireland) Ltd?

Kieran Wallace and Andrew O’Leary of Interpath Ireland were appointed as Joint Provisional Liquidators (the “JPLs”) of PFS Card Services (Ireland) Limited (“PCSIL”, or the “Company”) by order of the Irish High Court on 17th January 2024 (the “Liquidation”). PCSIL was previously a specialist provider of payment solutions to individual consumers, business

and government sectors. The Company is authorised by the Central Bank of Ireland (“CBI”) for the issuing of electronic money.

How do I know if I have a PFS Card Services (Ireland) Ltd issued card?

The back of your card (the same side as the magnetic strip) will include the words “PFS Card Services Ireland” or “PCSIL”. Please see below example.

Alternatively, you can review the Terms & Conditions of your card. These terms & conditions will be with “PFS Card Services (Ireland) Ltd“

Will I be able to keep using my card?

Yes. All current card holders can continue to load funds to their card until 17th July 2024 and can continue to spend on their cards up to 17th January 2025.

It is recommended that you begin to make alternative arrangements with another card provider as soon as possible.

Are my funds protected in the Liquidation?

Yes. All cardholder funds held by PCSIL are safeguarded in accordance with the Company’s obligations under the European Communities (Electronic Money) Regulations 2011 (as amended). These funds will continue to be safeguarded throughout the Liquidation and do not form part of the Liquidation estate.

Will I be able to load funds onto my card?

Yes. All current card holder will be able to load additional funds onto their card up to 17th July 2024, except via voucher top ups which has ceased.

As part of the Liquidation new limits will be introduced with respect to card loading. See below for further details.

Liquidation Queries

What is a Liquidation?

When a company is seeking to be wound down, key stakeholders can seek the appointment of liquidators. The key objectives of a Liquidator are to wind down the operations of a Company in an orderly manner and to maximise the realisation of assets for the benefit of the Company’s creditors.

Based on current financial projections provided by the Company, PCSIL is solvent and the Joint Liquidators are winding up the company on this basis.

What is the role of the Liquidators?

In the case of PCSIL the key objectives of the JPLs are as follows:

• Ensure an orderly wind down of the Company and return of funds as quickly as possible to cardholders.
• Minimise disruption to existing cardholders, particularly those most vulnerable and dependent on their pre-paid cards, by continuing to trade for a short period of time. This facilitates cardholders being able to load and spend funds (with certain restrictions imposed) on their card for a 6-month period, until 17th July 2024. Company and return of funds as quickly as possible to cardholders.
• Treat cardholders fairly throughout the process by applying best industry practices as advised by the JPL’s specialist team and a careful communication strategy via distributors who hold relationships with cardholders.

What is the role of the Liquidators?

Based on current financial projections provided by the Company, PCSIL is solvent and the Joint Liquidators are winding up the company on this basis.

This means that all creditors will be paid in full. All cardholders can either spend or obtain a refund of their funds.

Is the liquidation definitely going to be solvent?

Based on the current financial information available at this time, the JPLs expect the liquidation will be solvent. However, there is no guarantee at this time.

The JPLs will continue to assess the solvency on an ongoing basis, throughout the liquidation process.

Who is regulating the current activities being carried out by the Joint Provisional Liquidators?

The JPLs are performing their duties in line with the Companies Act 2014. As part of this, the JPLs are and will be in regular communication with the Central Bank of Ireland (“CBI”) on the progress and strategy of the Provisional Liquidation. It should be noted that PCSIL remains authorised by the CBI and remains subject to E-Money regulations, the Consumer Protection Code and the Criminal Justice Act

The JPLs are regulated by the Institute of Chartered Accountants in Ireland and the Provisional Liquidation is subject to the oversight of the High Court of Ireland.

Are cardholder funds at risk?

All cardholder funds held by PCSIL are safeguarded in accordance with the Company’s obligations under the European Communities (Electronic Money) Regulations 2011 (as amended). This means cardholder funds are ringfenced and held solely for the cardholders (i.e. the owner of these funds).

These funds will continue to be safeguarded throughout the Liquidation and do not form part of the Liquidation estate. This means that cardholder funds are ringfenced and will not be used to pay creditors or costs of the liquidation.

How long will the liquidation last?

The Liquidation will likely run for a period of 18 months. However, use of cards will be suspended on 17th January 2025.

How will I hear updates on the Liquidation?

The following websites will be updated regularly as the Liquidation progresses.

• PCSIL website: https://prepaidfinancialservices.com/en/
• Other: https://www.interpathadvisory.com/pcsil

Card & Account Queries

I receive my salary / social welfare payments to my card. What does this mean for me?

All cardholders can continue to load & spend on their cards up to 17th July 2024. This means cardholder accounts will remain receptive to inward payments (e.g. salary and welfare payments) for this 6-month period.

From 17th July 2024, cards will become spend only. From this date, cardholder accounts can no longer receive inward payments (e.g. salary and social welfare payments).

It is recommended that you begin to make alternative arrangements for receiving your salary / social welfare payments as soon as possible.

When will my card stop working?

On 17th July 2024 loading of funds onto cards will no longer be permitted, all cards will convert to a “spend only” status at this time meaning cardholders can continue to spend funds however will not be able to load new funds to their cards.

On 17th January 2025 all cards will be frozen and cardholders will no longer have use of their cards.

I have a PCSIL issued card however I cannot make contact with the distributor. What should I do?

Distributors are currently experiencing a high volume of calls, which may lead to delays in answering your call.

We have included a list of phone numbers to contact your distributor at the end of this FAQ. Additionally, we have included details for where you can send any written queries.

Contact details for your customer services centre can be found at the back of your card (the side with the magnetic strip).