A lobby group representing over 130 payments companies has warned regulators of dire consequences if it does not lift restrictions on Wirecard’s UK arm soon.

The Emerging Payments Association’s director general Tony Craddock wrote in an open letter to Maha El Dimachki, head of payments at the Financial Conduct Authority, that “there will be significant and lasting damage to individuals, companies and the UK’s current and future prospects as leaders in fintech” if the suspension is not lifted soon.