Image copyright
fake pictures
The UK financial regulator has lifted restrictions on German payment company Wirecard, allowing it to resume payment activities.
The Financial Conduct Authority (FCA) placed restrictions on the company’s arm in the UK after its collapse last week.
As a result, thousands of people were unable to access their money or make payments through applications.
“Our main objective from the beginning has been to protect the interests and money of consumers,” said the FCA.
Customers should now, or very soon, be able to use their cards as usual.
“We have been working closely with Wirecard UK and other authorities for the past few days to ensure that the company could meet certain conditions required to lift the restrictions we imposed on it,” the FCA said in a statement.
“We are now in a position to allow Wirecard to resume operational activity.”
Several British technology companies were forced to suspend services due to FCA restrictions, leaving thousands of accounts blocked.
Payment cards from online firm Pockit, for example, were blocked because they used a payment processing service owned by Wirecard.
‘I’m left with nothing’
Image copyright
Dawn Guilfoyle
Dawn Guilfoyle was concerned that her frozen bottoms did not mean hot water.
Dawn Guilfoyle is one of thousands who were banned from using their cash cards due to the failure of the huge German payment company Wirecard.
“It’s really bad. I’m left with nothing,” she says. “Once the gas is turned off, I will have nothing to cook with or hot water.”
Ms. Guilfoyle’s card from online firm Pockit was frozen because the FCA wanted to make sure the money was safe.
Read more about her story here.
The FCA said that any customer who still has difficulty using their card should contact their card provider directly.
The move came after German parent company Wirecard revealed a € 1.9 billion (£ 1.7 billion) hole in its accounts last week, and subsequently filed for insolvency.
Former chief Markus Braun has been arrested and charged with inflating Wirecard’s finances to make them appear healthier to investors and clients.
On Monday, the FCA said: “There remain certain established requirements, which have been imposed on the authorization of Wirecard.
“These requirements include restrictions on where you can keep clients’ money and restrictions on your ability to transfer your own assets.”
“The FCA continues to work with the company to advance these issues,” he added.
Wirecard did not immediately respond to a request for comment from the BBC.
