The FCA has issued a warning on an entity styling itself as WeRe Bank which purports that its cheques can be used to pay council tax demands, utility payments and tax with cheques.

The company is not carrying on any activities that require it to be authorised by the FCA. This means that any consumers dealing with this company would not be protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme.

In addition, the Cheque and Credit Clearing Company Ltd that operates the cheque processing system says that creditors are not obliged to accept WeRe’s cheques as a form of payment.