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.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.