Our Brexit Hub

Everything you need to know about how it will impact you

Keeping you updated

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Now Brexit has happened, we've created this resource to keep you informed about some important changes and updates to Shieldpay Accounts and our services.  

We know you may have some questions, so this page will give you an understanding of:

  • What the changes are
  • Why these changes are happening
  • What we are doing
  • Answer any other questions you may have


This page will be updated regularly with the latest information and support, so please check back regularly.
 

 

Brexit and Shieldpay

What is changing?

Following the UK’s decision to leave the EU on 31 January 2020, the UK entered a transition period that will end at the end of this year. On the 1st of January 2021 the UK will no longer be a member of the EU and as a UK-regulated payment service provider, Shieldpay will temporarily be unable to passport and provide certain payment services to customers whose main residence is in the EU.   

Why it's changing?

Shieldpay will remain regulated by the Financial Conduct Authority in the UK as a payments institution under the Payment Services Regulations 2017, however, the law as it currently stands means payment services cannot be offered or passported into the EU unless a business has established a presence and has a licence from a local regulator in the EU.   

We currently do not have a licence and presence in the EU and are therefore unable to provide certain services to EU customers.  

What are we doing? 

We have been working hard behind the scenes on our Brexit strategy and will be obtaining our own licence in the EU. Unfortunately, however, we won’t be ready by 1st January 2021. For our customers in the EU, your Account will be temporarily suspended, and we will inform you when we are able to offer our services through our European hub.  

What do the changes mean for your Shieldpay Account and what can you do? 

Placing funds and making payments from the EU  
Customers based in the EU will have a temporary suspension from 1st January 2021 and will not be able to place funds into, or make payments from their Shieldpay Account to other Shieldpay customers whether they are based in the UK or the EU.   

Receiving funds into the EU  
EU-based customers will still be able to receive funds, but only from UK-based payer customers. Please note sending funds into the EU from the UK may be subject to higher fees because of Brexit. We will inform you if that is the case.  

Accepted currencies  
We will still accept funds in GBP£, EUR€ and USD from UK-based payer customers.  

UK-based customers  
For Shieldpay customers residing in the UK, your Account will not be affected by this change and you can continue to use our services in line with our terms and conditions.  

It’s important that you take steps to review your Account and make alternative arrangements if needed. 

Frequently asked questions

Which countries are in the EU and European Economic Area (EEA)?

EU - Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. 

EEA includes EU countries and Iceland, Liechtenstein and Norway. It allows them to be part of the EU’s single market. Switzerland is neither an EU nor EEA member but is part of the single market - this means Swiss nationals have the same rights to live and work in the UK as other EEA nationals. 

What is passporting? Passporting (also known as Financial Services Passporting) allows us as a payments institution to sell our Financial Services in the EU. It also means that some of the European-based financial institutions can sell their Financial Services into the UK and other European countries.
Is my personal information still protected under GDPR? Yes, your personal information will continue to be protected. After the transition period ends, the UK will no longer be regulated domestically by the European General Data Protection Regulation (GDPR). Instead, the UK has passed its own version into law, known as the UK-GDPR (United Kingdom General Data Protection Regulation). It’s basically the same and you'll have the same rights and protections as before.
Will paying cross-border cost more? We don’t expect the cost of making payments to Europe from the UK to increase but it's unclear at the moment. Please note that paying funds out from the UK to the EU may be subject to higher fees due to Brexit (in the event this occurs we shall notify you prior). 

Still have questions?

We are happy to answer any questions you have around Brexit for your Shieldpay Account and the impact on the wider industry. 

Get in touch