Wirecard Winds Down UK Biz Amid Insolvency Proceedings

Law360, London (August 28, 2020, 4:19 PM BST) -- Wirecard AG is closing down its U.K. business, the Financial Conduct Authority said Friday, as the German payments company continues to grapple with insolvency proceedings stemming from a €1.9 billion ($2.26 billion) gap in its books.

Wirecard will wind down its FCA-regulated business in England while it transfers existing customers to alternative card providers. (AP Photo/Matthias Schrader) Wirecard will wind down its FCA-regulated business, Wirecard Card Solutions Ltd., the City watchdog said. The branch, which is based in the northeast city of Newcastle, will continue to trade while it transfers its existing customers to alternative card providers.

Earlier this month, Wirecard's...

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