UK markets watchdog says Wirecard restrictions to stay for now

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Several UK fintech firms have been forced to suspend services following the FCA’s restrictions on Wirecard.

“We cannot lift the restrictions without reassuring ourselves that the firm has been able to satisfy all our concerns for example that all clients’ money is safe. We hope to be able to issue an update soon,” the FCA said in a statement on Monday.

The FCA its teams have been working with Wirecard, and other international and UK authorities, over the weekend.

“We have seen good progress by the firm in meeting the conditions we set,” the watchdog said.

Subprime lender Morses Club said on Monday it had had to freeze online accounts provided by its digital service U Account.

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