In an interview with PaymentExpert at iGB live! Paul Plewman, COO, CurrencyTransfer.com, acknowledged the uncertainty of possible regulatory changes once the UK finally leaves the European Union.
Plewman believes “the risks are very clear” when it comes to Brexit and no matter what the outcome it really is unknown what may happen with or without a deal.
Yet, Plewman believes there are positives that can be drawn if the UK were to leave in October with no deal.
He elaborated: “There’s a lot to play for but I think a lot of opportunity comes from chaos.
“So much is unknown about Brexit, the uncertainty is evident in the markets across the board but it’s more of a regulatory play than anything – how that will play out and where will the dust settle.
“Whilst there’s an awful lot of concern over no deal end point there will also be a lot opportunities to come from that.”
Plewman continued to touch upon the relationship between payment stakeholders and compliance/regulatory bodies, which he believes should be a “two way street” when it comes to developing frameworks.
“Regulators should absolutely listen to the market that they are involved in,” added Plewman.
“It’s a compliance industry that we are all in nowadays. They create the rules and you need to follow them but ultimately we’re all looking to oil the wheels our industries.”
Barclays CEO Jes Staley recently warned an ‘uncertain economic landscape’ threatens UK business growth.