The Prepaid International Forum (PIF), the principal trade association for the prepaid financial services industry, has called on the UK government to protect UK-based financial service providers in the negotiations of its exit from the EU.
Craig James, PIF Chairman says:
“Many financial services businesses, especially the rising number operating in the fast-growing prepaid and e-money sector, have chosen to base themselves in the UK due to excellent access to the EU, a skilled workforce and high quality sector regulation.
“To protect these businesses, their employees and the economy we urge the UK government to do everything in its power to maintain open access to the single market and the passporting arrangement that allows companies meeting UK regulatory requirements to be able to operate throughout the EU.
“This is a framework similar to that applied to countries such as Norway and Lichtenstein. We believe this is preferable to the alternative arrangements, for example the framework applied to Swiss-based companies.
“We urge the UK government to clarify its position on this matter at the earliest opportunity to preserve confidence and continuity in the market for such services.
“PIF works closely with industry, regulators, government departments, consumer bodies to support the interests of our members and will ensure it is not only playing an active role in the run up to UK withdrawal from the EU but will help its members navigate what is likely to be an uncertain and very complex time for the payments industry.”