The FCA has reportedly drafted in BDO in a bid to strengthen its monitoring of Wirecard, after the scandal-hit group collapsed into insolvency last month.
According to Sky News, BDO had been appointed to monitor Wirecard’s compliance with a series of operating restrictions, including keeping relevant funds safeguarded in accounts overseen by supervisors.
Sky said it remained “unclear” why the watchdog required external assistance to monitor Wirecard’s compliance with the restrictions.
News of BDO’s appointment comes weeks after the FCA lifted restrictions on UK operations for the Munich-based payment processor.
Customers’ UK accounts had previously been frozen after the FCA stated that the firm “must not dispose of any assets or funds, must not carry on any regulated activities and must set out a statement on its website that it is no longer permitted to conduct any regulated activities”.
However, the FCA later confirmed it could lift restrictions imposed on its UK arm, following discussions with both Wirecard UK and other authorities to ensure the group was able to “meet certain conditions” required by the regulator.
Following the lifted restrictions, the regulator confirmed that UK customers would be able to use their cards as usual “now, or very shortly”.
In a statement, the FCA said: “Our primary objective all along has been to protect the interests and money of consumers who use Wirecard.
“We have been working closely with Wirecard UK and other authorities over the last few days to ensure that the firm was able to meet certain conditions required to lift the restrictions we imposed on it. We are now in a position to allow Wirecard to resume operational activity.”