Blimey - challenger bank with 250k customers, backed by Facebook- backer Peter Thiel and Tencent, says it leaving UK over lack of post Brexit passporting...
But the Bank of England’s “temporary permissions regime” offering a three year grace period would still apply...
But the Bank of England’s “temporary permissions regime” offering a three year grace period would still apply...
Not clear what changed since 2018 opening, long after Brexit vote.
Interesting though that under TPR all deposit takers would have to abide by Financial Services Compensation Scheme and PRA deposit rules - presumably a cost implication not currently required under EEA passport
Interesting though that under TPR all deposit takers would have to abide by Financial Services Compensation Scheme and PRA deposit rules - presumably a cost implication not currently required under EEA passport
Seems in the press statement to be a reference to the timings in the Withdrawal Agreement - which I take as a reference to the refusal to extend implementation phase, and so requiring the bank to plan on basis of no trade deal/ no passporting and the temporary permissions regime
Anyway this matters not because n26 is big, it’s not. other competitors will hoover up customers. But shows some of worlds most innovative companies, those that rely on those Europe wide standards, are starting to listen & make final judgements on direction of UK trade/reg policy
Basically N26 deposit protection for all its EU businesses is based on German deposit protection scheme. By end of this year they would have had to operate within UK scheme too...
So this is bad for a German exporter expanding its business, but lessens competition in UK too.
So this is bad for a German exporter expanding its business, but lessens competition in UK too.
Statement:
