The Financial Conduct Authority has failed to protect vulnerable consumers

The Financial Conduct Authority has failed to protect vulnerable consumers

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Pamela Pechora started this petition to UK Government

Yesterday on the 26th June, the UK’s supposedly ‘financial watchdog’ suspended a UK subsidiary of the insolvent scandal hit German entity, Wirecard.  This entity, Wirecard Card Solutions has suspended all payments activity following the actions of the Financial Conduct Authority.  Consequently, hundreds of thousands of beleaguered Consumers are unable to access their funds!!

People are unable to pay rent.  Unable to feed their children.  Salaries have gone in yet they are unaccessible. Some prepaid card companies that were using the financial license of Wirecard Card Solutions are even suggesting Consumers access ‘local charities’ such as food banks!  We are still in the middle of a global pandemic and the economic fall out of this.  There have been Consumers even tweeting suicidal thoughts on Twitter as a result of this action.

There needs to be urgent change.  The nature and complexity of the forensic investigation into the affairs and balance sheet of Wirecard Card Solutions and it’s EMD Agents is likely to take MONTHS.  Consumers may be waiting months to have their money returned - there is the possibility that they might not see their funds again if Wirecard Card Solutions are to exposed as insolvent.

FinTechs need to be properly regulated, this level of harm to Consumers is unacceptable.  The FCA is not fit for purpose, why did they wait so long to act?

An urgent review is required by the UK Government to answer these questions.

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