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Wirecard : FCA lifts restrictions off Wirecard accounts

06/30/2020 | 10:10am

Wirecard Card Solutions customers have access once again to financial accounts now that the U.K. Financial Conduct Authority has lifted restrictions on all the company's assets.

The company is a subsidiary of Wirecard, a German payments company.

The constraints, according to a BBC report, were placed on WCS due to Wirecard's filing for insolvency last week after its former CEO, Markus Braun, was arrested and accused of fraudulently inflating Wirecard's finances.

The FCA's ban resulted in millions of banking apps and payment card accounts managed through WCS to be frozen. Several British companies including Pockit, Anna Money and U Account were forced to suspend services due to the FCA restrictions, leaving thousands of accounts blocked.

"Our primary objective all along has been to protect the interests and money of consumers," Christopher Woolard, the FCA's interim chief executive, told the BBC.

The FCA still has restrictions on Wirecard, banning it from certain operations such as initiating payments on customers' behalf.

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