Wirecard UK arm gets suspension lifted by regulator

Andrew Cummings
July 1, 2020

"We have been working closely with Wirecard UK and other authorities over the last few days to ensure that the firm was able to meet certain conditions required to lift the restrictions we imposed on it" the FCA said in a statement.

"We can not lift the restrictions without reassuring ourselves that the firm has been able to satisfy all our concerns for example that all clients' money is safe".

In an internal note to senior partners on Friday, EY advised them to tell clients that the "objective" of the large global fraud at Wirecard was to "deceive investors and EY".

An Post has said its Money Currency Cards customers will be able to use their cards again by the end of today.

An Post said there are around 50,000 cards in circulation.

Markus Braun, who drove the company's rapid growth, resigned after the missing money was declared and was arrested and bailed in Germany.

An Post said its Money Currency cards are marketed as an affordable way for customers to bring and use money overseas.

An Post has apologised for the mess.

The currency cards have been suspended after the UK's Financial Conduct Authority (FCA) froze the British operations of Wirecard, including Wirecard Card Solutions, on Friday. "We apologise for the inconvenience to our valued customers that the temporary suspension caused", the United Kingdom firm said.

The German parent company has collapsed with nearly €2bn of assets unaccounted for, and the United Kingdom operations of the company are no longer allowed to dispose of any funds, even the cash of customers.

Wirecard shares more than doubled after the embattled payments company said its business activities were continuing to operate and speculation arose that rivals might snap up some of its operations.

The watchdog said the restrictions were meant to protect customer cash, after its German parent filed for insolvency last week as its accounting scandal widened.

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