Home Economy A UK without passporting rights – options for the Fintech industry
Emerging Payments Association to release white paper for the Fintech industry as the UK remains in danger of losing passporting rights
A new report looking at a UK without passporting rights is set to be launched on January 11.
The Emerging Payments Association (EPA) will publish its white paper entitled ‘Passport to the Future’ to look at what options may be open to payments companies if the UK loses passporting rights.
EPA director general Tony Craddock said: “Brexit negotiations are going to start over the coming months, and it’s important for payments companies to have an idea of what options they have if the UK does lose passporting rights.”
The white paper comes after former European Commissioner Jonathan Faull, who retired last week, made reference to the UK’s potential single market access after Brexit.
Faull said: “You’re a member of the Single Market as a member of the EU or EEA. Or you’re a foreign country outside it, and you conclude agreements with the EU.”
Craddock said: “Of course, the governments negotiating position has not been fully outlined yet, and we are a long way from a final deal, but the payments industry would like some clarity over its future access to European markets.”