Breaking News
FCA Fines Kristo Käärmann £350,000 for Failing to Notify the FCA of Significant Tax Issues
The FCA has fined Mr Käärmann, the CEO of Wise plc and senior manager of Wise Assets UK Ltd, £350,000 for breaching a senior manager conduct rule.
In February 2021, Mr Käärmann paid a significant fine to HM Revenue & Customs (HMRC) of £365,651. He was fined for deliberately failing to notify HMRC of a capital gains tax liability after he sold shares worth £10m in 2017. In September 2021, HMRC subsequently added Mr Käärmann to their public tax defaulters list.
Between February 2021 and September 2021, these matters, including the circumstances surrounding them, were relevant to the FCA’s assessment of Mr Käärmann’s fitness and propriety. Mr Käärmann failed to appropriately consider the significance of the tax issues and notify the FCA, despite being aware of them for over 7 months.
Therese Chambers, joint executive director of enforcement and oversight said: “We, and the public, expect high standards from leaders of financial firms, including being frank and open.
“It should have been obvious to Mr Käärmann that he needed to tell us about these issues which were highly relevant to our assessment of his fitness and propriety.”
People In This Post
Companies In This Post
- EXCLUSIVE: “TradFi Versus DeFi: From Disruption to Definition” – Jessica Blue, Money20/20 in ‘The Paytech Magazine’ Read more
- The Paytech Magazine Issue #17 Read more
- World’s Largest Fintech Meetings Event Expands to Europe with 2026 Lisbon Launch Read more
- Innovation Celebrated as Winners of Open Banking Expo Awards 2025 Revealed Read more
- Fintech Revolution Summit 2025 Read more
U.S. Bank Avvance Launches Customized Embedded Financing Offering
U.S. Bank Avvance enables financial institutions and fintechs to offer their customers simple, flexible embedded financing options
Mambu Launches Composable Banking Approach in the US to Future-Proof the Next Generation of Credit Unions
Mambu announced the launch of its composable banking approach for credit unions (CUs) in North America, at this year’s Money20/20
Allica Bank Acquires Fintech Kriya in a Move to Deliver £1 Billion of SME Working Capital Finance by 2028
Allica Bank has today announced the acquisition of Kriya strengthening Allica's SME lending proposition and move into embedded payments
Plumery Launches Cashback Management Capability To Help Banks Deliver Personalised Rewards
Plumery, a digital banking experience platform for customer-centric banking, today announced the launch of its Cashback Management capability, enabling banks to design, launch, and manage cashback programmes quickly and at scale. With ready-to-use cashback journeys andan AI-driven personalisation module, banks can deliver real-time, tailored rewards that boost customer engagement and loyalty.
SmartSearch and T-Tech Partner to Automate AML Compliance in the Accountancy Sector via Practice Gateway
SmartSearch, the UK’s leading provider of digital anti-money laundering (AML) and compliance solutions, has announced a strategic partnership with T-Tech, a specialist technology consultancy and automation provider serving the accountancy sector. This partnership aims to simplify and enhance AML compliance through embedded, automated verification workflows tailored to professional services firms.
Set It Once, Save Every Month – Effortless Saving Support Launched by Yorkshire Building Society
Yorkshire Building Society has today (Wednesday 22 October) made saving easier than ever with the launch of Monthly Auto-Saver, a new feature available to customers using the Yorkshire Building Society mobile app. Designed to help people build better financial habits with minimal effort, helping to automate regular savings.
Appli Reaches One-Year Milestone with 10 Credit Union Partners and $1 Billion in Member Calculations
Appli, a provider of AI-powered financial calculators for credit unions and community banks, has announced its one-year anniversary since launch, marking the milestone with 10 credit union partners and more than $1 billion in lending calculations alone, not including deposits and other products.
EXCLUSIVE: “TradFi Versus DeFi: From Disruption to Definition” – Jessica Blue, Money20/20 in ‘The Paytech Magazine’
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
The Paytech Magazine Issue #17
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
World’s Largest Fintech Meetings Event Expands to Europe with 2026 Lisbon Launch
Fintech Meetup announced the launch of Fintech Meetup Europe, taking place in Lisbon, Portugal, 6-8 October 2026. The event will bring together 2,500+ attendees, including 650+ hosted buyers from banks, financial institutions, retailers, and merchants, alongside fintech innovators, investors, and ecosystem leaders from across Europe and beyond.
Innovation Celebrated as Winners of Open Banking Expo Awards 2025 Revealed
The Open Banking Expo Awards 2025 have unveiled this year’s winners – a celebration of the organisations and individuals driving excellence across Open Banking, Open Finance and payments.
Fintech Revolution Summit 2025
The UAE is stepping up its Fintech leadership. On November 27th, 2025 Abu Dhabi will become the epicentre of Fintech innovation in the region as it hosts the Fintech Revolution Summit 2025, organized by TraiConEvents.
How Plumery Is Empowering Banks With Freedom
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
U.S. Bank Avvance Launches Customized Embedded Financing Offering
U.S. Bank Avvance enables financial institutions and fintechs to offer their customers simple, flexible embedded financing options