The UK’s financial watchdog has lifted restrictions on German payments company Wirecard, allowing it to resume payment activities, according to BBC news. Customers should now, or very shortly, be able to use their cards as usual.
The Financial Conduct Authority (FCA) imposed restrictions on the company’s UK arm after its collapse last week.
Christopher Woolard, the FCA’s interim chief executive, told the BBC’s Today programme the FCA had „imposed very strict conditions” on Wirecard’s UK subsidiary based in Newcastle, which had knock-on effects for about 70 payments firms.
„When we did that we were acutely conscious that there are some really vulnerable people who rely on those services for example to get benefits payments paid to them,” he said.
Mr Woolard said the FCA had spent the last few days making sure money belonging to people in the UK was now safeguarded in UK bank accounts with strict conditions.
„What that means is, if you’ve got either a card direct from Wirecard or from one of these 70-odd firms that relies upon them, those cards should start working today,” he said.
On Tuesday morning, Wirecard issued a statement saying some customers may find themselves unable to make transactions immediately, but the company anticipated the delay would last no longer than 24 hours.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
