Last month as Wirecard was unraveling the UK’s Financial Conduct Authority temporarily suspended Wirecard Card Solutions (WCS) from operating; this impacted as many as 70 fintech clients of WCS including Curve, Pockit and Soldo that had to freeze hundreds of thousands of accounts for several days; Nigel Verdon, founder of banking platform Railsbank, has called on the regulator to improve its guidance here; he said, “The WCS saga could have been avoided if the right regulatory regime had been put in place. The Wirecard scandal brought to light [that] fundamental changes should be made in the industry to ensure healthy market growth and stability.” Verdon also called on other fintechs to provide a united front here, many of which have privately criticized the FCA but have not spoken out publicly. Sifted.
