FCA Ban On Wirecard UK Left Vulnerable Without Access to Food

The British financial regulator’s move to temporarily close German fintech Wirecard’s UK business last month left some of the country’s most vulnerable people unable to buy food or access basic services for several days, the Financial Times reported. The Financial Conduct Authority forced Wirecard Card Solutions to halt all regulated activity after its German parent company collapsed into insolvency, before lifting the restrictions the following week. The move, announced with only a few hours’ notice, left millions of customers unable to use payment cards issued by WCS or access cash stored in their accounts. Some of the hardest hit included victims of human trafficking and modern slavery who rely on funds from a government scheme that was an indirect Wirecard customer, according to representatives for these individuals. Read more