FCA Orders Wirecard To Halt Regulated Activities In UK

Law360, London (June 26, 2020, 12:38 PM BST) -- The Financial Conduct Authority said Friday that it has ordered Wirecard to halt all regulated activity in the U.K. after the German payments company filed for insolvency and came under investigation by a regulator in its home country.

The City watchdog said that Wirecard Card Solutions Ltd. has been banned from carrying out regulated activities and disposing of any of its assets or funds from Friday.

"Our primary objective is to protect the interests and money of consumers who use Wirecard," the City watchdog said.

It has been an explosive week for Wirecard AG, in which the financial technology company said...

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