Brexit: Out of the EU…back to Brussels?

James Borley, Director at fscom, discusses the need for UK payment and e-money institutions to consider Belgium as a post-Brexit solution.

Tell me about the payments market in Belgium

Talk me through the application process; can UK firms submit information submitted to the FCA?

Given that firms will have to set up a new legal entity, does the NBB have a ‘minimum requirement’ in terms of staffing levels in the new Belgian office?

What is the process, as distinct from other regulators perhaps?

What are your expectations in relation to outsourcing?

Safeguarding has been a particular problem for UK firms with many banks reluctant to open segregated accounts for this sector. Is there similar difficulty in Belgium?

How long might it take for an application to be determined?

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