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FCA Maintains Pressure On Wirecard UK To Resolve Issues - Quick Facts

The FCA said it cannot lift the restrictions imposed on Wirecard UK businesses without reassuring that the firm has been able to satisfy all the concerns. The UK's designated competent authority noted that it has seen good progress by the firm in meeting the conditions set by the FCA.

On 26 June 2020, the FCA placed a number of requirements on the UK business of Wirecard. As per the requirements, Wirecard must not dispose of any assets or carry on any regulated activities. Also, the company must set out a statement on its website and communicate to customers that it is no longer permitted to conduct any regulated activities.

Wirecard's parent company, Wirecard AG (WRCDF.PK) based in Germany is currently the subject of law enforcement interest and insolvency proceedings.

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