Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of enabling access to the Financial Services Compensation Scheme for Wirecard Card Solutions Limited customers utilising the institution for current account activities.
Wirecard Card Solutions Ltd is required to maintain appropriate measures to safeguard customers’ money under the Electronic Money Regulations. It does this by holding customer funds separate from its own money in accounts with credit institutions. Effective safeguarding arrangements are critical to help ensure that customers’ money is protected and returned if a firm fails. Adequate safeguarding arrangements which are compliant with the regulatory requirements are a condition of Wirecard’s ongoing FCA authorisation.