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CEO comment: what Article 50 must include to stop Mass Exodus of Financial Services
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
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CLS Appoints Six New Board Directors
CLS, a financial market infrastructure group delivering settlement, processing and data solutions, today announces the appointment of six new members to its Board of Directors at the CLS Annual General Meeting held on 9 June 2026.
Mobey Forum Calls for a Collaborative Approach to Fraud Prevention in Rethinking Fraud in a Connected World
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SumUp, the global financial technology company, today announced its official launch in Canada. The milestone makes Canada SumUp's 38th market and its latest step in building out its presence across the Americas, as the company continues its mission to make commerce simpler and more accessible for all businesses worldwide.
European Fintech Association Elects New Board of Directors
The European FinTech Association (EFA) today announced the election of its new Board of Directors, bringing together senior leaders from across Europe's fintech ecosystem to guide the Association's work over the coming term.
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