What has happened to PFS Card Services (Ireland) Ltd?
Kieran Wallace and Andrew O’Leary of Interpath Ireland were appointed as provisional Joint Liquidators (the “JLs”) of PFS Card Services Ireland Limited (“PCSIL”, or the “Company”) by order of the Irish High Court on 17th January 2024 (the “Liquidation”). The Liquidation was subsequently confirmed by order of the Irish High Court on 13th February 2024. 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 and the making of payments.
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 and conditions of your card. These terms and conditions will be with “PFS Card Services Ireland Limited “.
Will I be able to keep using my card?
Yes. All current cardholders (unless in spend only/blocked status - see FAQs 25/31) can continue to load funds to their cards until 17th July 2024. From 17th of July 2024 the ability to load any more funds to your card will be suspended.
From July 17th 2024, cardholders will continue to be able to spend any funds on their cards until 17th January 2025.
It is recommended that you contact your card provider to start making alternative arrangements to receive your salary/benefits 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 do not form part of the Liquidation estate and if not spent will continue to be safeguarded throughout the Liquidation.
Will I be able to load funds onto my card?
Yes. All current cardholders will be able to load additional funds onto their card up to 17th July 2024. (See FAQ 15)
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 JLs are as follows:
What does a solvent liquidation mean?
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 redeem their funds.
Is the liquidation definitely going to be solvent?
Based on the financial information available at this time, the JLs expect the liquidation will be solvent.
What if the liquidation goes insolvent?
The JLs will continue to assess the solvency on an ongoing basis, throughout the liquidation process.
In the event the liquidation does become insolvent, there will be no impact on cardholder funds. Cardholders can continue to spend funds or redeem their funds. Trade creditors (which exclude cardholders) may not be repaid in full. Note: if the Liquidation goes insolvent prior to 17th July 2024 cardholders will no longer be able to load funds to their cards.
Who is regulating the current activities being carried out by the Joint Liquidators?
The JLs are performing their duties in line with the Irish Companies Act 2014. As part of this, the JLs are, and will be, in regular communication with the Central Bank of Ireland (“CBI”) on the progress and strategy of the 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 JLs are regulated by the Institute of Chartered Accountants in Ireland and the 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 benefit of cardholders (i.e. the owners of the funds).
These funds will continue to be safeguarded (until spent) 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 the costs of the liquidation.
How long will the liquidation last?
The Liquidation will likely run for a period of 18 months. However, cards will not be able to be used from 17th January 2025.
How will I hear updates on the Liquidation?
The following websites will be updated regularly as the Liquidation progresses.
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 and spend on their cards up to 17th July 2024. This means cardholder accounts will be able to receive inward payments (e.g. salary and welfare payments) up to this date.
From 17th July 2024, cards will become spend only. From this date, cardholder accounts can no longer receive inbound payments (e.g. salary and social welfare payments).
It is recommended that you start making alternative arrangements to receive your salary/benefits as soon as possible.
When will my card stop working?
From 17th July 2024 loading of funds / inward payments onto cards will no longer be permitted. All cards will be changed to a “spend only” status at this time meaning cardholders can continue to spend remaining funds. However, cardholders will not be able to load new funds or receive inward payments to their cards.
On 17th January 2025 all cards will be closed, 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?
A list of phone numbers and email addresses to contact your distributor is available at the following link https://www.interpathadvisory.com/pcsil/.
Contact details for your customer services centre can be found on the back of your card (the side with the magnetic strip).
My distributor has advised that it is moving to an alternative regulated firm. What does this mean?
This means that your distributor has a new arrangement with a new issuer (i.e. an alternative to PCSIL). Please read any notifications from your distributor and liaise with them in respect of this.
The funds on your card / account remain safeguarded.
I would like to deactivate my card and have my funds refunded to me; can this be actioned?
Unless your card is closed or blocked you should spend any available balance or transfer the balance to an IBAN account before 17 January 2025 in the first instance. The exception to this is balances on gift cards which must be spent. If you have a closed or blocked card, you will be able to obtain a refund of your funds by contacting your customer service centre. The customer service centre will facilitate the refund subject to relevant Consumer Due Diligence (“CDD”) requirements being met. A refund is the transfer of funds on your card to a bank account in your name.
CDD primarily refers to a cardholder providing photo ID (e.g. passport, driving licence), bank account statement (bank account where funds are transferred) and proof of address (e.g. copy utility bill). CDD requirements can be different for each cardholder and jurisdiction so, if you are seeking a refund, please liaise with your customer services centre to address CDD requirements. Contact details for your customer services centre can be found at the back of your card (the side with the magnetic strip).
Details of the claims process will be published on the following website as soon as possible. https://www.interpathadvisory.com/pcsil/.
Alternatively, cardholders can continue to spend funds on their card subject to existing terms and conditions up to 17th January 2025.
What happens if I have not spent my funds or sought a refund by 17th January 2025?
As soon as practicable after 17 January 2025, PCSIL will seek to transfer any remaining cardholderfunds to the unclaimed dividends account in the High Court of Ireland (the "High Court") and you will be required to apply to the High Court in respect of any amount that may be due to you.
Further details on this process will be communicated through the distributors and published on the following website in due course https://www.interpathadvisory.com/pcsil/.
Can I continue to purchase vouchers?
Yes. Vouchers can be purchased until 31st May 2024. All vouchers sold will have an expiry date of 17th July 2024. All vouchers must be loaded to cards by 17 July 2024.
I have a query – Can I still contact the cardholder services team?
Yes. Cardholders should continue to direct queries, emails and calls to their Distributor as they had done previously.
In the case of Correos cardholders, they should continue to direct their queries to the existing customer service team as they had done previously.
Can I apply for a new card?
No cards will be issued to new customers by PCSIL following the appointment of the JLs.
My card has expired; will it be renewed?
Yes. All cardholders with cards expiring during the first six months of the Liquidation will be reissued with a replacement card. From 17 July 2024 only cards with positive balances at 17 July 2024 will be renewed. Cards with zero balances on 17 July 2024 will be closed.
Will there be any restrictions or limits imposed on my card?
Yes. As part of the Liquidation the JLs introduced a number of restrictions and amendments to exiting card policies. These included:
· Inactive cardholders: any cardholder account with a balance of less than €10 and which has had no transactions in the preceding 12 months will be placed in spend only mode.
Will chargebacks or transactions currently being disputed continue as per the normal process?
Yes, chargebacks and disputed transactions continue as per the normal process. This is the case for chargebacks or disputed transactions which occurred prior to, or following, the appointment of the Jls.
I have a PCSIL card. I have no funds on the card, never made any purchase and never loaded funds on the card.
How am I affected?
Any cards without a cardholder-initiated transaction and with nil balances (as at 17 January 2024) have been closed (including those not activated). This means you will not be able to use or activate your card and you will not be provided with a replacement card.
Will additional charges be levied on my card?
No. Charges continue to be levied per your existing terms and conditions.
I have a complaint against PCSIL; how do I go about making it?
Please continue to direct complaints through previous communications channels. The email address for complaints against PCSIL is: [email protected].
I had an existing customer complaint with PCSIL – what happens now?
Any complaints made prior to the appointment of the JLs will be addressed and responded to.
Being alert to scams
Please be extra vigilant about any emails, texts or calls you receive over the coming weeks and months. Fraudsters may try to exploit the Liquidation by pretending to be Interpath, PCSIL or the CBI and ask you to register your details or re-register your information. Fraudsters may also try to insert a fake text into a thread of genuine Interpath or PCSIL SMS messages. PCSIL or Interpath will never send you a link to a login page or website which asks you to share banking details or one-time passcodes.
