With Article 50 set to be triggered imminently, the process of Britain leaving the EU is finally about to begin, with all that entails. Theresa May has set out plans for a Brexit that looks on the harder side of “hard”, worrying bankers and entrepreneurs alike.
While fintech firms don’t welcome the prospect of regulatory uncertainty, we certainly do love a challenge.
Passporting was a hot topic throughout the referendum campaign, and research from Oliver Wyman and a House of Lords report predicted an exodus of fintech talent and losses of £20bn if passporting rights were lost. This is because UK-based businesses (some 5,500 of them, according the Financial Conduct Authority (FCA)) use passporting to sell their services within the European Economic Area, and Britain’s exit from the Single Market would leave their passports void.