Wirecard UK arm gets suspension lifted by regulator

Last week An Post was forced to suspend its Money Currency Cards

Britain's financial watchdog has lifted restrictions on Wirecard's United Kingdom operations, giving customers access to cash that was frozen amid a €1.9bn (£1.7bn) alleged accounting fraud at its parent firm. "We hope to be able to issue an update soon", the FCA said in a statement on Monday. "However, we can not 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". Wirecard's new chief executive, James Freis, has told supervisory board members that basic checks should have spotted the scandal, the Financial Times reported.

An Post has said its Money Currency Cards customers will be able to use their cards again by the end of today.

There are 50,000 of the currency cards in circulation in this country, An Post said.

Markus Braun, who drove the company's rapid growth, resigned after the missing money was declared and was arrested and bailed in Germany.

An Post said today that together with Mastercard, it has been working intensively throughout the night and this morning to have currency cards operational as quickly as possible.

They are issued by the British offices of Wirecard Card Solutions Limited.

An Post has apologised for the mess. "We apologise for the inconvenience to our valued customers that the temporary suspension caused", the United Kingdom firm said. "We will issue a further statement when more information becomes available", the State-owned postal company said.

U Account customers now have full access to cash, which was previously frozen, albeit ring-fenced in a safe Barclays UK account.

Wirecard AG shares soared higher Monday after the company said Saturday that its business activities are continuing despite its having filed for insolvency in a court in Munich, Germany.

The regulator's focus was to make sure that the money of customers held in safeguarded accounts was protected.



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