On 29th June the FCA provided written consent to allow Wirecard to resume issuing e-money and providing payment services on 29th June. The restriction on activities lifted today (30 June). This means that Wirecard can now resume electronic money and payment services to its customers and customers can now, or very shortly, use their cards as usual.
The FCA have however kept some restrictions in place such as where Wirecard can hold customer monies and restrictions over its ability to transfer its own assets.
This follows on from the FCAs decision to impose a number of requirements on Wirecard as a result of activities carried out by its parent company in Germany, including:
- that the firm must not dispose of any assets or funds,
- that it must not carry on any regulated activities and
- that it must set out a statement on its website that it is no longer permitted to conduct any regulated activities.
The primary objective of the requirements was to protect the electronic money funds of consumers in safeguarded accounts. It also had the effect of preventing consumers from withdrawing and making payments with those funds.
The FCA will continue to work with Wirecard and are monitoring the firm closely.