UK regulator lifts suspension on Wirecard UK arm
The restriction on activities will lift at 00.01 on 30 June 2020. The primary objective of these requirements was to protect the electronic money funds of consumers in safeguarded accounts. It also had the effect of preventing consumers from withdrawing and making payments with those funds.
The FCA’s consent means that Wirecard can now resume electronic money and payment services to its customers and customers can now, or very shortly, use their cards as usual.
On 26 June 2020, the FCA imposed a number of requirements on Wirecard including, that the firm must not dispose of any assets or funds, that it must not carry on any regulated activities and that it must set out a statement on its website that it is no longer permitted to conduct any regulated activities.
This follows ongoing events in Germany concerning Wirecard’s parent company, Wirecard AG. ■