Wirecard sanctions lifted in UK

July 01, 2020 | Regulation

Written by FinTech Alliance

Wirecard sanctions lifted in UK

The FCA has lifted restrictions imposed on Wirecard UK last week following the collapse of the parent company.

In Brief:

  • The FCA said a longer suspension could have “irreparably” damaged FinTech in the UK.

  • Lobby groups put pressure on the authority to speed up the process.

  • A huge number of FinTechs in the UK relied on Wirecard for operational support and customers couldn’t access their cash while restrictions were in place.

What does this mean?

The FCA has commented that the reason for imposing sanctions was to protect consumers who use Wirecard’s services. It added that it will continue to monitor the firm to ensure it meets necessary conditions and protects consumers.

Read more here. 

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