Consumers and Businesses: Protection:Written question - HL6208

Q
Asked by Lord Blunkett
Asked on: 29 June 2020
Treasury
Consumers and Businesses: Protection
Lords
To ask Her Majesty's Government what steps they are taking to protect UK consumers and businesses following Wirecard AG filing for insolvency. [T]
A
Answered by: Lord Agnew of Oulton
Answered on: 06 July 2020

Wirecard AG, the German payments provider, entered administration last week. It has a UK subsidiary, Wirecard Card Solution Ltd (Wirecard UK), which is FCA regulated. This subsidiary is not in administration.

Last week, the FCA temporarily applied restrictions to Wirecard UK’s business while the firm ensured it could safeguard customers’ money. The government worked closely with the FCA to understand and mitigate the impact of this measure – for example, the DWP worked to ensure those who received benefits into accounts using Wirecard UK had an alternate means of receiving payments.

The firm has now been able to demonstrate that it has met the necessary conditions, and the restrictions were lifted on Tuesday 30 June. Customers can access their money as usual.

Grouped Questions: HL6231

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