UK Keeps Wirecard Operations On Hold To Protect Customers

Law360, London (June 29, 2020, 4:16 PM BST) -- The Financial Conduct Authority said Monday that it will keep restrictions in place against Wirecard AG's U.K. operations until it can prove that its customers' money is safe, putting pressure on the payments company to resolve questions linked to a €1.9 billion ($2.3 billion) accounting scandal.

The FCA said it has worked with Wirecard Card Solutions Ltd. over the weekend. The City watchdog said the company has made "good progress" on safeguarding its clients' money after its parent company filed for insolvency in Germany last week.

The regulator ordered Wirecard's U.K. business on Friday to halt all regulated activity so that it...

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