Wise PLC FCA Investigation (2073Q)
27 Juin 2022 - 8:00AM
UK Regulatory
TIDMWISE
RNS Number : 2073Q
Wise PLC
27 June 2022
Wise plc
27 June 2022
This announcement contains inside information
Financial Conduct Authority (FCA) Investigation into Kristo
Käärmann
In September 2021, HM Revenue & Customs ("HMRC"), the UK tax
authority, updated its published list of individuals and businesses
receiving penalties for a deliberate default regarding their tax
affairs (the "list"). Co-founder and Chief Executive Officer of
Wise, Kristo Käärmann ("Kristo" and the "CEO"), was included on the
list and will remain so for 12 months from its publication.
Following the inclusion of the CEO's name in this list, the
Board of Wise (the "Board") conducted an investigation with support
from external legal counsel. The investigation concluded in Q4
2021, and the Board shared details of its findings, assessment and
actions with the FCA.
In relation to this matter, the FCA has commenced an
investigation regarding the regulatory obligations and standards to
which Kristo is subject. Kristo intends to cooperate fully with the
FCA in its investigation.
David Wells, Chair, said: "The Board takes Kristo's tax default
and the FCA's investigation very seriously. After reviewing the
matter late last year the Board required that Kristo take remedial
actions, including appointing professional tax advisors to ensure
his personal tax matters are appropriately managed. The Board has
also shared details of its own findings, assessment and actions
with the FCA and will cooperate fully with the FCA as and when they
require, while continuing to support Kristo in his role as
CEO."
At this time, Wise does not intend to make any further comment
given the ongoing regulatory investigation. As and when
appropriate, Wise will provide an update.
Enquiries
Martyn Adlam - Head of Owner Relations
martyn.adlam@wise.com
Sana Rahman - Head of Public Relations
press@wise.com
Brunswick Group
Charles Pretzlik / Sarah West / Samantha Chiene
Wise@brunswickgroup.com
+44 (0) 20 7404 5959
About Wise
Wise is a global technology company, building the best way to
move money around the world. With the Wise account people and
businesses can hold over 50 currencies, move money between
countries and spend money abroad. Large companies and banks use
Wise technology too; an entirely new cross-border payments network
that will one day power money without borders for everyone,
everywhere. However you use the platform, Wise is on a mission to
make your life easier and save you money. Co-founded by Kristo
Käärmann and Taavet Hinrikus, Wise launched in 2011 under its
original name TransferWise.
It is one of the world's fastest growing profitable tech
companies and is listed on the London Stock Exchange under the
ticker, WISE. 13 million people and businesses use Wise, which
processes over GBP8 billion in cross-border transactions every
month, saving customers over GBP1 billion a year.
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END
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