K Ring Closure - FAQs

  • 1. What action is Moorwand taking against K Wearables?
    • There are a number of reasons why Moorwand is taking the action that it is. In addition to failing to honour its contract with Moorwand, progressing the migration of its programme to another issuer, it came to Moorwand's attention over the past 2 months that K Wearables has a number of unsatisfied creditors and County Court Judgments. It is a criminal offence for a company to trade whilst insolvent, is irresponsible and is not in keeping with the high standards that businesses operating in the financial sector should uphold.

      A petition for winding up K Wearables has been issued (Please see notice in the Corporate Insolvency Section of the London Gazette for details (K WEARABLES LIMITED | Petitions to Wind Up (Companies) | The Gazette)) and was heard in Court on 7 September 2022.

      K Wearables has informed the Court that it is exploring options to enter a Company Voluntary Arrangement (CVA) . In doing so K Wearables has accepted it is insolvent (and as such, should not have previously been trading and should not continue to trade), it has accepted its debts to Moorwand and other businesses and organisations, and is looking to put into place an arrangement to satisfy its creditors. As such, the Court will reconsider the position of K Wearables, the viability of any CVA and whether the company will be wound up on 2 November 2022.

  • 2 .Why was my account closed?
    • Moorwand is authorised by the Financial Conduct Authority (FCA) to provide payment services and issue electronic money. Moorwand took over the issuance of the K Wearables payment accounts in April 2020. As a regulated payment service provider Moorwand has a regulatory obligation to ensure the products and services it provides do not harm customers.

      Due to K Ring operations, Moorwand has had to take steps to close the product in order to prevent the potential for customer harm, if proactive steps were not taken. This decision has not been taken lightly and Moorwand is working to resolve a number of issues, and the customer outcome is of paramount importance.

      Moorwand has ended its relationship with K Wearables and is not able to discuss its reasons for doing so in any detail as it could prejudice any potential legal action.

  • 3. Can I get the refund for my device?
    • Moorwand provides the issuance of the payment account and protects relevant funds it receives in line with its responsibilities under the Electronic Money Regulations 2011 and relevant guidance from the FCA. Moorwand issues a virtual prepaid card (payment instrument) and settles transactions with Mastercard.

      K Wearables manufactures, sells and distributes the physical devices. Following each purchase there is an activation step, where the token on a particular device can be linked to the Moorwand issued virtual card by K Wearables. The use of K Wearables devices is not exclusive to Moorwand and devices can be linked to other payment service provider accounts, as advertised on the mykring.com website. As such, Moorwand is not involved with the sale of devices and does not receive or hold records of the funds that may have been received for orders of individual devices, so any refund requests should be directed to K Wearables.

      Please refer to the K Wearables Purchase Policy for details on device returns and order cancellations - https://mykring.com/en/legal/purchase-policies/.

      K Wearables has recently made a public commitment to offer a refund for customers that have purchased devices but not received them. Please contact K Wearables about this refund.

  • 4. Can the balance on my K Ring be spent outside of the UK?
    • Funds that are available as a balance on the account can be used anywhere Mastercard is accepted.

  • 5. Can you refund my annual fee?
  • 6. What will happen with my ring after two months?
    • Wearable devices will continue to work during the two-month notice period provided. Following this, transactions will not be possible on the product. It is recommended that no further loads are made to the account and that the balance is spent down to zero ahead of the closure date of 30th September 2022.

  • 7. Is the product definitely closing?
    • The K Ring service will closed from 30th September 2022, the ring and the virtual cards associated with accounts will be deactivated.

      Moorwand will not be supporting the provision of payment accounts following the 30th September 2022.

  • 8. I recently sent money and it did not arrive on my K Wearables account
    • Any funds transferred by bank transfer to K Wearables Limited should have been credited to your balance immediately and sent to Moorwand for safeguarding.

      Moorwand has become aware of a number of customers stating the funds they transferred to K Wearables have been delayed in reaching their K Ring account. Moorwand strongly advises users to not load their accounts any further.

      Customers may attempt to contact K Weareables and inform them that a payment is missing.

      K Wearables has recently made a public commitment to make sure that funds that were transferred but not credited to accounts will be transferred back to you. Please contact K Wearables about this refund. Moorwand does not hold the account that these funds were sent to. You may wish to contact your bank and ask if they can recall the funds from K Wearables bank or raise a dispute on your behalf.

  • 9. Why is Moorwand now “point of contact” for my K Wearables product, from the date of the email?
    • Moorwand is authorised by the Financial Conduct Authority (FCA) to provide payment services and issue electronic money. As a regulated payment service provider Moorwand has a regulatory obligation to ensure the products and services it provides do not harm customers.

      Moorwand takes its obligations to treat customers fairly very seriously, and in order to ensure this is adhered to Moorwand has taken control of customer communications to ensure the closure of the product is managed properly and fairly, in line with both regulatory requirements and to minimise customer detriment.

  • 10. What will happen with my personal data after my account is closed? Will the data be deleted and who is responsible
    for deleting the data?
    • Moorwand collects and processes data in order to provide you with the payment account. Moorwand only uses it to ensure it can meet its regulatory obligations, such as the prevention of financial crime and it is required to hold this data for a period of time following the closure of your account. Details can be found in Moorwand’s Privacy Policy - https://www.moorwand.com/privacy-policy/.

      K Wearables may have collected data relevant to sale of your device. Its privacy policy can be found here: https://mykring.com/en/legal/privacy/. Following the closure of your account the legitimate interests of K Wearables processing data related to your payment account will cease after a period of time.

  • 11. Will the project be re-opened or is it final closure?
    • Moorwand is authorised by the Financial Conduct Authority (FCA) to provide payment services and issue electronic money. As a regulated payment service provider Moorwand has a regulatory obligation to ensure the products and services it provides do not harm customers.

      The K Ring ring and virtual account offering will be closed as of 30th September 2022.

  • 12. Will Moorwand continue to provide services instead of K Wearables
    • Moorwand is authorised by the Financial Conduct Authority (FCA) to provide payment services and issue electronic money. As a regulated payment service provider Moorwand has a regulatory obligation to ensure the products and services it provides do not harm customers.

      Moorwand will support the K Wearables product for the remainder of the two month notice period but will not be doing so beyond that time.

  • 13. Does this mean the K Wearables device and account will discontinue and no longer be available to use even under the new management?
    • Moorwand is authorised by the Financial Conduct Authority (FCA) to provide payment services and issue electronic money. As a regulated payment service provider Moorwand has a regulatory obligation to ensure the products and services it provides do not harm customers.

      Moorwand will support the K Wearables product during the closure period.

  • 14. Why are K Ring still actively selling this product in the UK?
    • Moorwand is authorised by the Financial Conduct Authority (FCA) to provide payment services and issue electronic money. As a regulated payment service provider Moorwand has a regulatory obligation to ensure the products and services it provides do not harm customers.

      Moorwand would urge any potential customers to not purchase any devices from K Wearables and any ongoing activity does not have Moorwand consent.

      K Wearables may continue operate in the future by working with other regulated payment services providers.

  • 15. I cannot reset the password on my K Ring account, why?
    • The mykring.com website is managed my K Wearables, please contact the usual customer support to reset your password. If you do not manage to resolve the issue, you are able to contact operations@moorwand.com and we will raise it with K Wearables.

  • 16. Why do you take monthly maintenance/or deduct any another fees if the programme is closing and the ring does not work?
    • Fees are applied in line with applicable Terms and Conditions - https://mykring.com/en/legal/terms-and-conditions

      These terms and conditions continue to apply during the notice period and upon closure. Maintenance fees reflect the costs of supporting the account and holding funds, particularly when a product is not in use for a prolonged period of time. Following closure, you will not be charged a fee for redeeming any remaining e-money balance on your account for 12 months.

  • 17. How do I redeem my balance?
    • Moorwand will refund the balance shown on your K Wearables account upon your request, to a UK account in your name. You will need to provide details of the account you would like funds sent to, emailing operations@moorwand.com:
      - name on the account
      - account number, and
      - sort code

      Contrary to what has been stated in communication from K Wearables, there is no cut-off to request a return of your funds upon termination at the end of September.

      A simple request to return funds will not be considered as a complaint but processed as a request for the redemption of e-money.

      K Wearables Terms and Conditions set out your rights to redemption of funds and state that a redemption fee of five pounds (£5) applies where a request for a redemption is made before termination. Moorwand has provided customers with two months notice that K Wearables accounts will terminate on 29th September 2022. Following termination, no redemption fees will be charged for 12 months. Customers may redeem the e-money on their account for up to six years after the date of termination. This process is in line with Part 5 of the Electronic Money Regulations 2011.

      As a regulated Electronic Money Institution, Moorwand issues electronic money for the funds it receives and safeguards these funds in accordance with the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, and in accordance with guidance from the FCA. This means we keep the money we receive and that we show as your K Wearables balance in a separate customer bank account, this is completely separate from any Moorwand or K Wearables accounts.

      This means that if Moorwand or K Wearable was to go out of business, your funds would not be used to cover any debts the business might owe. In this event, whilst there may be some costs applied by administrators, you should get most of your money back. You can find more information about this on the FCA website - https://www.fca.org.uk/consumers/using-payment-service-providers.