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Evening Standard
Evening Standard
Business
Henry Saker-Clark

Wise boss fined £350,000 over failure to report ‘significant tax issue’

WISE FCA the Financial Conduct Authority HMRC
Money transfer firm Wise has said its chief financial officer will step down by next March to focus on recovering from a bike accident last year. (Alamy/PA) -

The boss of London-listed money transfer firm Wise has been fined £350,000 by the UK financial watchdog for failing to notify it about “significant tax issues”.

The Financial Conduct Authority (FCA) said Kristo Kaarmann, who co-founded the business in 2011,  failed to initially notify the regulator about a previous tax issue and fine during an assessment of his fitness and propriety in 2021.

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