Wise CEO settles FCA investigation into personal tax matters

UK watchdog the Financial Conduct Authority has slapped Wise chief executive Kristo Kaarman with a £350,000 fine to settle an investigation into regulatory disclosures related to his personal tax matters.

The FCA stated Kaarmann had failed to notify the regulator of a significant fine he had paid to HMRC in February 2021, and of his addition to the public tax defaulters list in September of the same year, after he failed to notify it of a capital gains liability following the sale of £10.0m worth of shares in 2017.

The regulator branded Kaarmann's approach to his notification of the tax issues as being "careless as opposed to deliberate or reckless" and that he would have been facing a £500,000 fine had he not become eligible for a 30% discount as a result of agreeing to resolve the matter.

As of 0955 GMT, Wise shares were down 1.22% at 726.0p.

Reporting by Iain Gilbert at Sharecast.com