FCA awards ONPEX transitional passporting rights ahead of Brexit

Multi-currency IBAN accounts ONPEX has secured a temporary permission regime (TPR) by the UK’s Financial Conduct Authority (FCA). 

Under this new temporary permission, ONPEX will continue to open opportunities in the European market for its clients within its current passporting permissions in the UK – whatever the outcome of Brexit.

Christoph Tutsch, CEO, ONPEX, explained: “It’s important that we prepare for all eventualities to ensure our customers are not impacted by any change in law from the UK or EU.

“By gaining a TPR we have cemented our place in the market, whether the UK leaves with or without a deal. 

“This means our clients still receive the transparent, automated, and simple payment solutions they require.”

The move is expected to enable ONPEX to continue its operations in the same manner, if the UK withdraws from the European Union on October 31st 2019.

Lasting for a year, ONPEX will be able to gain full FCA authorisation once the initial agreement runs out. 

If the UK leaves the EU without an implementation period, the passporting regime will fall away and EEA-based firms will no longer be able to passport into the UK from the exit day onwards – unless they enter the TPR. 

ONPEX has secured the permission to prevent the disruption caused by Brexit from impacting its clients, revenue, and current business model.