Warning Alert - WeRe Bank (2015-09-23)

Summary

This is a public warning notice issued by the regulator, alerting consumers to a UK-based scheme called WeRe Bank. It is informational only and does not impose any regulatory requirements on licensed entities.

• What WeRe Bank is: A UK-based venture, not authorised by the FCA, that requires members to issue a Promissory Note of £150,000 payable after a ten year anniversary from joining.
• Problem reported: Financial institutions, councils, utility companies and other businesses have been presented with WeRe cheques by consumers trying to pay debts, and none have accepted them as legitimate payment.
• Consumer risk: WeRe Bank is not authorised by the FCA, so users are not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme, and consumers risk additional late payment charges from creditors if WeRe cheques are rejected.

The notice directs readers to the FCA website for further information and serves solely to raise public awareness; it creates no ongoing compliance obligations for regulated firms.