FCA fines Wise CEO Kristo Käärmann £350,000 over tax issues

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CEO of Wise Kristo Käärmann has been fined by the UK’s watchdog for breaching a senior manager conduct rule regarding tax issues.

The Financial Conduct Authority fined Käärmann £350,000 for breaking senior management conduct rule four, which states: 'You must disclose appropriately any information of which the FCA would reasonably expect notice.' FCA's Nikhil Rathi: 'The jury is out on whether the FCA is helping to achieve growth' An FCA investigation into Käärmann was originally opened in 2022 after he paid a £365,651 fine to HM Revenue & Customs the year prior for deliberately failing to notify the tax office of a capital gains tax liability after he sold shares worth £10m in 2017 and was subsequently added to...