Wise—Wise third-party software error gave ~4,000 UK investment customers incorrect tax statements over a four-year period
A third-party software defect caused Wise's UK 'Wise Assets' investment product (Wise Interest and Stocks) to issue incorrect capital-gains and income figures on tax statements to roughly 4,000 UK customers for self-assessment returns covering 2021-2025, with some customers overpaying and others underpaying tax. Wise discovered the error through internal quality controls, fixed the underlying issue, reissued corrected statements, and is negotiating a bulk settlement with HMRC to cover shortfalls while committing to redress customers who overpaid.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Consumer Protection | -against | primary | -1.00 |
| Overall incident score = | -0.286 | ||
Score = avg(topic contributions) × significance (medium ×1) × confidence (0.57)× agency (negligent ×0.5)
Evidence (1 signal)
FT: Wise to pay customers' tax bills after software errors on investment statements
The Financial Times reported Wise is negotiating a bulk settlement with HMRC after a third-party software error caused roughly 4,000 UK Wise Assets customers to receive incorrect capital gains and income figures on tax statements covering 2021-2025, with Wise committing to correct statements and redress affected customers.