Banking Circle has been granted authorisation as a payment institution according to the Danish Payment Services and Electronic Money Act (regulated as a Payment Institution by the Danish FSA, Danish FSA Registration Number: 22009) and is under the supervision of the Danish Financial Supervisory Authority.
Banking Circle’s position with regards to the United Kingdom leaving the European Union (Brexit)
Banking Circle has commenced a passport application process to extend its payment institution license to our branch in the UK. This process will be completed before Brexit which effectively means that Banking Circle will be able to continue its provision of payment services in the UK under the temporary permissions regime if the UK leaves the EU without a deal. While operating under the temporary permissions regime, Banking Circle would be seeking full and permanent UK authorisation under the applicable post-Brexit rules.
Banking Circle is also closely monitoring other possible Brexit implications. Subject to fundamental changes in the current Brexit outlook, Banking Circle does not foresee any detrimental or significant impact for any Banking Circle client or other relevant stakeholder.