December 6, 2021

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Ban on Wirecard’s UK payments business raised

Ban on Wirecard’s UK payments business raised
Image copyright Getty Images The UK's financial watchdog has lifted restrictions on German payments company Wirecard, allowing it to resume payment activities.The Financial Conduct Authority (FCA) imposed restrictions on the company's UK arm after its collapse last week.Thousands of people could not access their money or make payments through apps as a result."Our primary objective…

Wirecard logo on a phone

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Christopher Woolard, the FCA’s interim chief executive, told the BBC’s Today program the FCA had actually “enforced really stringent conditions” on Wirecard’s UK subsidiary based in Newcastle, which had knock-on results for about 70 payments firms.

” What that means is, if you have actually got either a card direct from Wirecard or from one of these 70- odd firms that relies upon them, those cards must begin working today,” he said.

Online company Pockit’s payment cards, for example, were locked since they used a payment processing service owned by Wirecard.

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Dawn Guilfoyle

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Dawn Guilfoyle stressed that her frozen funds would indicate no warm water.

He said the FCA was carefully keeping track of Wirecard’s UK operation, but it was not in the process of trying to find a new owner for the UK subsidiary.

The FCA has actually limited Wirecard from some operations such as initiating payments on consumers’ behalf.

Wirecard stated it planned to “continue working closely with the FCA to have these remaining restrictions lifted as soon as possible”.

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