Wise issues statement on FCA investigation into its CEO
Wise plc today issued a statement regarding an investigation by the Financial Conduct Authority (FCA) into its CEO Kristo Käärmann.
In September 2021, HM Revenue & Customs (HMRC) updated its published list of individuals and businesses receiving penalties for a deliberate default regarding their tax affairs. Co-founder and Chief Executive Officer of Wise, Kristo Käärmann, 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 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 Käärmann is subject. He 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.”