Wise plc CEO's fine for tax default boosted x12 to deter similar failings

Described as a "deliberate tax defaulter", the chief executive ofinvestment firmWise plc, Kristo Käärmann, has been fined £350,000 for not informing the regulator that he was in default of a tax debt.

By Neasa MacErlean

He additionally, in 2020, had a substantial fine -over £365,000 -imposed by HM Revenue & Customs and was warned he could be added to the official Defaulters List as a result. The FCA fine would have been £500,00 but was reduced by 30 per cent as he "agreed to resolve matters". And the £500,000 total would have been just eight per cent of that amount - just under £41,500 - but was increased 12-fold "for deterrence".