Company Announcements

FCA Investigation

Source: RNS
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.





Martyn Adlam - Head of Owner Relations

Sana Rahman - Head of Public Relations

Brunswick Group

Charles Pretzlik / Sarah West / Samantha Chiene

+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 £8 billion in cross-border transactions every month, saving customers over £1 billion a year.



This announcement may include forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target", "believe", "expect", "aim", "intend", "may", "anticipate", "estimate", "plan", "project", "will", "can have", "likely", "should", "would", "could" and any other words and terms of similar meaning or the negative thereof. These forward-looking statements are subject to risks, uncertainties and assumptions about Wise and its subsidiaries. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. Past performance cannot be relied upon as a guide to future performance and should not be taken as a representation that trends or activities underlying past performance will continue in the future. No representation or warranty is made or will be made that any forward-looking statement will come to pass. The forward-looking statements in this announcement speak only as at the date of this announcement.

Wise expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this announcement and disclaims any obligation to update its view of any risks or uncertainties described herein or to publicly announce the results of any revisions to the forward-looking statements made in this announcement, whether as a result of new information, future developments or otherwise, except as required by law


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.