Brexit

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Klarna receives UK approval to offer credit and payments products

/regulation

Klarna receives UK approval to offer credit and payments products

Klarna has secured approval to offer credit and payments products in the UK ahead of the expiration of a temporary deal arranged in the wake of Brexit.

Numeral launches in the UK to help fintechs access EU markets

/payments

Numeral launches in the UK to help fintechs access EU markets

Paris-based banking aggregation and payment automation platform Numeral has launched in the UK to help fintechs address the EU market by accessing Sepa and fighting IBAN discrimination.

/markets

Euronext to shift derivatives clearing to Italy

Euronext, the leading pan-European market infrastructure, today announces that the European expansion of Euronext Clearing to Euronext derivatives markets is planned for Q3 2024.

Axe the Card Tax campaign calls for cost of card payment review

/payments

Axe the Card Tax campaign calls for cost of card payment review

The Axe the Card Tax campaign has called to the UK Treasury and Payments System Regulator to review the cost of card payments to encourage fintech payment innovation.

Visa and Mastercard blame increased risk of fraud for post-Brexit fee hikes

/payments

Visa and Mastercard blame increased risk of fraud for post-Brexit fee hikes

Visa and Mastercard have cited fraud and increased competition to justify post-brexit fee increases on cross-border payments from the UK.

/regulation

New research offers fresh thinking about payments regulation post-Brexit

The Payments Association (formerly The Emerging Payments Association (EPA)), UK Finance, the collective voice for the banking and finance industry, and global law firm Latham & Watkins, today announce the launch of ‘UK Payments Regulation Review: Making sense of where to go now’.

/regulation

Bank of England consults on new regime for non UK domiciled CCPs

The Bank of England has today published a Consultation Paper and draft Statement of Policy on the Bank’s approach to ‘tiering’ non-UK central counterparties (CCPs) based on the level of systemic risk they could pose to UK financial stability.

/regulation

UK Government consults on post-Brexit regulatory reforms

The Future Regulatory Framework (FRF) Review was established to consider how the financial services regulatory framework should adapt to be fit for the future, and in particular to reflect the UK’s new position outside of the EU.

UK to restructure data policy and underpin innovation post-Brexit

/regulation

UK to restructure data policy and underpin innovation post-Brexit

Oliver Dowden, the UK Secretary of State for Digital, Culture, Media and Sport, has announced that new ‘data adequacy’ partnerships will be struck with the likes of the US, Australia, and the Republic of Korea.

/payments

Foreign Currency Direct rebrands to Lumon

Foreign Currency Direct (FCD) today launches as Lumon, bringing together customers from recent acquisitions including Infinity International and Earthport FX under one distinctive, forward-thinking brand. In the crowded overseas payments space, Lumon combines the companies’ expertise to bring bank-beating rates and cutting-edge technology together to provide clarity on moving money across borders for both business and personal customers across the portfolio.

Post-Brexit Britain dominates European fintech funding charts

/startups

Post-Brexit Britain dominates European fintech funding charts

In the midst of a global pandemic, post-Brexit London has cemented its status as the fintech capital of Europe, according to new figures from industry body Innovate Finance.

/markets

Amsterdam enjoying big gains from Brexit

The biggest effect of the 'hard Brexit' on the Dutch financial sector is the return of trading in European equities and derivatives to Amsterdam.

/regulation

Nuvei secures scheme licences to process UK payments post-Brexit

Nuvei Corporation (“Nuvei” or the “Company”) (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, announced today that its wholly owned FCA regulated subsidiary has secured the scheme licenses to continue acquiring and processing Mastercard and Visa payments for merchants based in the United Kingdom (UK) beyond the expiry of the FCA Temporary Permissions Regime.

/people

Aquis Exchange reshuffles management team

Aquis Exchange PLC (AQX.L), the exchange services company, has made a series of management changes to better reflect its post-Brexit structure, as well as its future growth and expansion plans for both its London and Paris offices.

/regulation

PRA proposes simpler post-Brexit compliance framework for smaller institutions

The Prudential Regulation Authority (PRA) has today published a discussion paper (DP) that explores options for developing a simpler but no less resilient prudential framework for banks and building societies that are neither systemically important nor internationally active.

Will smart divergence set the UK apart post Brexit?

/regulation

Will smart divergence set the UK apart post Brexit?

During a panel session for UK Fintech Week 2021, moderator Kristy Duncan, founder and CEO of Women in Payments noted that while the UK and EU benefits from a progressive regulatory regime which favours innovation and competition, fintechs are hindered by regulatory challenges including lack of enforcement and passporting headaches.

Visa hikes UK-EU online interchange fees; faces US investigation into debit card practices

/payments

Visa hikes UK-EU online interchange fees; faces US investigation into debit card practices

Visa is set to take advantage of Brexit to raise interchange fees on cross-border transactions between the UK and EU, according to the Financial Times. The move comes as the payments giant faces an investigation by the US Justice Department over possible anticompetitive practices in debit card transaction routing.

Sunak to pitch increase in contactless limit to £100 as 'Brexit dividend'

/payments

Sunak to pitch increase in contactless limit to £100 as 'Brexit dividend'

UK chancellor Rishi Sunak is set to announce a change in the contactless limit from £45 to £100 in his budget speech this week.

UK plans fintech visa fast-track scheme

/people

UK plans fintech visa fast-track scheme

UK chancellor Rishi Sunak is preparing to unveil a fast-track fintech visa to attract top tech talent to post-Brexit Britain.

GDPR: EU set to ensure free data flow with UK

/regulation

GDPR: EU set to ensure free data flow with UK

The European Commission is set to continue letting personal data flow freely between the EU and the UK post Brexit, ensuring a smooth transition for sectors that transfer banking information across the channel.

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