Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the impact on low income consumers of the Financial Conduct Authority’s decision to close down Wirecard's operations on 26 June; and what steps they plan to take to protect anyone without access to resources as a result of that decision. [T]

Wirecard AG, the German payments provider, entered administration last week. It has a UK subsidiary, Wirecard Card Solution Ltd (Wirecard UK), which is FCA regulated. This subsidiary is not in administration.

Last week, the FCA temporarily applied restrictions to Wirecard UK’s business while the firm ensured it could safeguard customers’ money. The government worked closely with the FCA to understand and mitigate the impact of this measure – for example, the DWP worked to ensure those who received benefits into accounts using Wirecard UK had an alternate means of receiving payments.

The firm has now been able to demonstrate that it has met the necessary conditions, and the restrictions were lifted on Tuesday 30 June. Customers can access their money as usual.