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 and will be heard in Court on 7 September 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? What compensation will be received?
    • 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 device, 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/

  • 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. If this is not successful, customers may contact operations@moorwand.com with as much detail about the transfer and correspondence as possible and we will investigate this for you with K Wearables.

  • 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 happened 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?
    • 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.

      If you wish to redeem your balance, please contact operations@moorwand.com with information identifying you as the account holder and details of the account you would like funds sent to. This must be an account in the name of the cardholder and located in the UK or EEA.