Saturday, Jul 2, 2022
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Wirecard granted permission to resume banking operations in the UK

Wirecard banking operations
Recently, financial regulators lifted restrictions on the German payments company mired in a scandal

Wirecard has been granted permission to resume its banking operations in the UK, media reports said. Recently, financial regulators lifted restrictions on the German payments company  which was mired in a financial scandal.

The company said in a statement, “There may be a delay before all card programmes are fully operational, so some customers could find themselves unable to transact immediately but we anticipate this lasting no longer than 24 hours. We apologise for the inconvenience to our valued customers that the temporary suspension caused.”

The Financial Conduct Authority (FCA) has lifted restrictions allowing Wirecard to resume its banking operations in the country. The authority told the media, “The primary objective of these requirements was to protect the electronic money funds of consumers in safeguarded account. It also had the effect of preventing consumers from withdrawing and making payments with those funds.”

Last week, the company filed for insolvency following a disclosure of missing funds. After that, the authority had forced the company to stall financial operations in the country. The lifting of restrictions will benefit all its consumers who had temporarily lost access to their funds.

Experts believe the situation with Wirecard will have a negative impact on people, leading them to lose faith in financial services companies. Last week, the company said in a statement, “There may be a delay before all card programmes are fully operational, so some customers could find themselves unable to transact immediately but we anticipate this lasting no longer than 24 hours.”

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