13.7 C
London
Saturday, October 31, 2020

Thousands locked out of bank accounts as regulator freezes Wirecard in UK

Must read

US Covid-19 cases surge past nine million

The US now has nine million confirmed cases of coronavirus, according to data compiled by Johns Hopkins University, as infections continue to rise in...

National Guard arrives in Philadelphia after days of unrest

The Pennsylvania National Guard has arrived in Philadelphia after days of protests, store break-ins and ATM thefts after a black man holding a knife...

Scientists find Madagascar chameleon last seen 100 years ago

Scientists say they have found an elusive chameleon species that was last spotted in Madagascar 100 years ago. Researchers from Madagascar and Germany said they...

Japan tries hi-tech experiments in bid to get more fans into sports stadiums

Officials in Japan are using some hi-tech devices to see if they can fill sports stadiums closer to capacity during the Covid-19 pandemic. The baseball...

Thousands of Britons have been left potentially unable to access their own cash after the Financial Conduct Authority froze the UK licence of Germany’s Wirecard.

The FCA banned Wirecard Card Solutions Limited after a major accounting scandal at its German parent company.

Financial technology firms Anna Money and Curve both told customers they would be blocked from their accounts after the FCA’s decision.

Both said that customers’ money is still safe, but will not be accessible for a time.

Anna said: “We expect the suspension to be lifted – the inability to use your account and card is temporal, and we are working to restore it as soon as possible.”

The company had recommended that customers withdraw their money before the ban came into force.

“Despite the news from Germany, we had no warning that Wirecard in the UK was in any trouble,” it said.

Years of reporting into Wirecard came to a head last week as the company revealed that around €1.9bn was missing from its accounts in an alleged accounting fraud.

The FCA said: “There are ongoing events in Germany concerning companies closely linked to Wirecard.

“Wirecard’s parent company, Wirecard AG based in Germany, is currently the subject of law enforcement interest and insolvency proceedings.”

Its order prevents Wirecard’s UK arm from disposing of assets or funds or performing any regulated activities.

On its website, Wirecard Card Solutions said: “Wirecard Card Solutions Limited (WDCS) has temporarily suspended its electronic money issuing, card issuing and acquiring business with immediate effect and until further notice.

“WDCS is working hard to have the steps in place which will enable the suspension to be lifted so business can resume as usual. We will provide further updates on our website as soon as we can.”

- Advertisement -

More articles

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article

US Covid-19 cases surge past nine million

The US now has nine million confirmed cases of coronavirus, according to data compiled by Johns Hopkins University, as infections continue to rise in...

National Guard arrives in Philadelphia after days of unrest

The Pennsylvania National Guard has arrived in Philadelphia after days of protests, store break-ins and ATM thefts after a black man holding a knife...

Scientists find Madagascar chameleon last seen 100 years ago

Scientists say they have found an elusive chameleon species that was last spotted in Madagascar 100 years ago. Researchers from Madagascar and Germany said they...

Japan tries hi-tech experiments in bid to get more fans into sports stadiums

Officials in Japan are using some hi-tech devices to see if they can fill sports stadiums closer to capacity during the Covid-19 pandemic. The baseball...

Indian figures reveal downward trend in coronavirus infections

India has reported 48,648 new coronavirus cases, continuing a downward trend in infections even as the country’s caseload has crossed eight million and is...
%d bloggers like this: