FCA lifts ban on regulated activities of Wirecard UK June 30, 2020 The financial watchdog has lifted a ban on the payment activities of Wirecard’s UK arm, restoring services for millions of customers who were temporarily locked out over the weekend. In a statement released on Monday night, the FCA said Wirecard UK could resume activity from midnight, meaning customers can “use their cards as usual”. Last [...]
Wirecard’s UK subsidiary scrambles to avoid collapse June 29, 2020 Thousands of UK consumers have been unable to access their cash, as financial apps relying on Wirecard technology were frozen after the German payments firm filed for insolvency last week. Wirecard’s UK subsidiary, Wirecard Card Solutions (WCS), said it was “working hard” to restore operations after the Financial Conduct Authority (FCA) on Friday ordered the [...]
Deutsche Boerse looks at revising Dax membership rules after Wirecard scandal June 29, 2020 The Wirecard scandal has prompted the German stock exchange operator to look at revisions to membership rules for Germany’s premier stock market index. Last week, the embattled German firm filed for insolvency after disclosing a €1.9bn blackhole in its accounts. It is the first sitting member of Germany’s blue-chip share index to go out of [...]
Wirecard auditor EY prepares for backlash over scandal June 29, 2020 EY has reportedly told partners how to prepare for any backlash over its audits of Wirecard, the German firm which filed for insolvency last week. In an internal note to senior partners, seen by the Financial Times, the auditor advised they tell clients the “objective” of the fraud at Wirecard was to “deceive investors and [...]
Wirecard shares skyrocket just days after filing for insolvency June 29, 2020 Shares in insolvent German firm Wirecard have rebounded more than 200 per cent just days after filing for insolvency. Wirecard, which premiered on Germany’s Dax index with a €24bn valuation in 2018, filed for insolvency last week after auditors found a €1.9bn black hole in its accounts. The payment processor firm first said “fraud of [...]
Germany to shake up accounting industry following Wirecard collapse June 28, 2020 Germany is set to overhaul its accounting industry as part of measures to soften the fallout from the collapse of payments fintech Wirecard last week. Wirecard, which premiered on Germany’s main Dax index with a €24bn (£21.8bn) valuation just two years ago, filed for insolvency last week after auditors found a €1.9bn black hole in [...]
EY ‘failed to request Wirecard bank statements for three years’ June 26, 2020 EY failed to carry out a standard audit procedure on Wirecard for more than three years that could have uncovered colossal fraud at the fintech, it is claimed. The accounting firm, which has audited Wirecard for over a decade, has come under fire after the German fintech disclosed a €1.9bn black hole in its accounts. [...]
Softbank plans to sue EY over its role in Wirecard scandal June 26, 2020 Softbank is looking to sue EY over its role in the Wirecard scandal after investing in the embattled German firm last year. The Japanese company is looking to file a complaint against the accounting firm after Wirecard collapsed on Thursday owing creditors nearly $4bn, according to German newspaper Der Spiegel. Wirecard’s longtime auditor EY blamed [...]
FCA orders Wirecard to cease all regulated activities June 26, 2020 The Financial Conduct Authority has ordered Wirecard to cease all regulated activities after the firm disclosed a €1.9bn financial hole in its accounts. The watchdog said Wirecard should not dispose of any assets or funds or carry out any regulated activities. After news of a missing €1.9bn in the company’s accounts, the FCA said it [...]
Reassuring pension savers in these turbulent times June 26, 2020 Millions of pension savers across the country are concerned about the state of their finances. Since lockdown began in March, the government’s protective measures have supported both employers and employees through a difficult time. As these measures begin to be eased back, there may be a higher possibility of company insolvencies, and thus reduced financial [...]