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Brexit and Prepaid Products – Outcomes and Opportunities

The UK’s exit from the EU seems likely to lead to the loss of passporting rights for the UK’s e-money firms, if the UK Government’s current route of a hard Brexit is ultimately the one travelled. For the UK’s prepaid product sector, this will have a significant efect, and such firms may now be considering whether to establish subsidiaries in remaining EU Member States in order to continue to passport into the EU after Brexit. The Payments Association and the Prepaid International Forum are continuing to lobby to preserve passporting for UK firms but have also conducted research into options should a hard Brexit become reality. Robert Courtneidge, Global Head of Cards & Payments at Locke Lord LLP and founder of the Prepaid International Forum, discusses here the research’s findings and the options for prepaid firms.

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