REGULATION · UK
Wise to cover clients' tax bills after third-party software error
Money transfer app Wise contacted UK tax authorities after a third-party software fault caused thousands of customers to pay incorrect tax on investments. Wise committed to covering the unpaid/overpaid amounts.
WHY IT MATTERS
Third-party software liability now extends to tax compliance; fintech platforms are liable for integration failures even outside their core code, forcing vendor audit and escrow practices.
Source: Finextra · 2026-10-08