In reaction to the investigations and insolvency proceedings relating to the Wirecard parent company in Germany, the FCA has stepped in to impose "requirements" to prevent its UK subsidiary, Wirecard Card Solutions Limited, from carrying on "any regulated activities", with effect from today. 

End customers' money should remain protected via the safeguarding rules. However, this will be a blow to Wirecard's many agents and distributors, and other customers of their wide range of services, who rely on Wirecard to carry out their day-to-day activities and will now need to find a replacement provider and execute a transition strategy in very short order.