APPG launches inquiry into Wirecard
The All-Party Group on Challenger Banks and Building Societies has launched in inquiry into the Wirecard collapse. The committee will be taking evidence today from leading industry figures including:
- Eduard Panteleev – Co-Founder and CEO – Anna Money
- Virraj Jatania – Co-Founder and CEO – Pockit
- Nigel Verdon – Co-Founder and CEO – Railsbank
The APPG will be seeking to understand:
- The key issues behind the Wirecard collapse;
- Could a Wirecard style debacle occur in the UK with a UK regulated payment provider?
- Regulation of fintech institutions and whether this was appropriate and proportionate to
- foster growth and to protect the public?
- Would the FCA and Bank of England’s approach have been different from BaFIN?
- Do regulators adequately understand the business models and risks presented by Fintech companies?
- Are there adequate procedures for whistle-blowers to alert regulators to problems in firms?
Chair of the group, Rt. Hon Karen Bradley MP commented:
“The Wirecard collapse has revealed that there are issues in the German regulatory regime for fintech businesses with significant implications for UK firms and consumers. We’re taking evidence from leading challenger banks to better understand the issues and to see whether the same problem could occur here.”
Ends.
Notes to editors:
The Chair of the APPG CBBS, Rt. Hon Karen Bradley MP, is available for interview about the findings of this report and the recommendations made.
All requests for interviews and other media enquiries should be directed to the Secretariat of the APPG using the following details:
Contact – Havard Hughes – Barndoor Strategy
Tel: 07989 345820