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March 14 2017

CEO comment: what Article 50 must include to stop Mass Exodus of Financial Services

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In anticipation of Article 50 being triggered, and therefore the beginning of Brexit negotiations with the EU, PPRO Group, the global e-payments specialist, are calling on Theresa May and the British Government to prioritise the retention of EU pass-porting rights or face the mass exodus of the financial sector from Britain.

If Britain loses EU pass-porting rights, many, if not all, FinTechs regulated by the Financial Conduct Authority in the UK are likely to move to countries such as Luxemburg, Ireland, France and Malta in order to apply for PI and e-money licenses.

PPRO Group made an early decision last year to begin the process of relocating headquarters to Luxembourg in order to comply with EU regulations, due to the uncertainty surrounding Brexit. This will cost us an additional £1m per year before the UK formally leaves the EU in having to maintain dual regulatory licences, setting up and running the Luxembourg office and recruiting staff. But this is now a necessary cost.

For London to remain as the financial hub of the world, the British Government must assure the financial industry that retaining EU pass-porting rights are top of the agenda once formal negations between the UK and the EU begin or risk 2017 being remembered as the year of the FinTech exodus from the UK.

Simon Black, CEO of PPRO Group

  1. EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’

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  2. FreedomPay Drives Global Merchant Innovation

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  3. FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences

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  4. Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure

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  5. Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds

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