Salem Radio Network News Tuesday, July 7, 2020

Science

UK markets watchdog says Wirecard restrictions to stay for now

LONDON (Reuters) – The Financial Conduct Authority said on Monday Wirecard was addressing the British watchdog’s concerns but its restrictions on the collapsed German payments company’s services would remain for now.

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.

(Reporting by Huw Jones and Iain Withers, editing by David Evans)

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