Hundreds of thousands of customers may not be able to access their money on payday or use their cards due to a financial regulator shutting down the British arm of German company Wirecard. It was announced on Thursday that crisis-torn Wirecard had collapsed with debts of more than £3billion in Germany's worst accounting scandal and UK customers are now suffering the effects. This now means customers money cannot be accessed.' Any money customers put into the accounts affected is not covered by the Financial Services Compensation Scheme (FSCS), which protects customers of financial services firms that have failed. The FCA's intervention has prevented Wirecard staff from siphoning off money to the collapsed German arm.

Source: Daily Mail June 27, 2020 08:26 UTC