First Ireland, now UK......
EML Payments Limited (ASX:EML) (“EML”), a global payments company, will agree to temporarily cease onboarding new customers, agents and distributors in relation to its UK subsidiary, Prepaid Financial Services Limited (“PFS UK”), following concerns raised by the UK Regulator, the Financial Conduct Authority (“FCA”).
The financial impact of this temporary measure on the EML Group is expected to reduce group revenue by less than $5 million in FY23.
These measures will allow PFS UK to address concerns highlighted by the FCA which are similar in nature to those raised by the Central Bank of Ireland (“CBI”) and disclosed to the ASX relating to our Irish subsidiary, PFS Card Services (Ireland) Limited (“PCSIL”), for which we are currently undertaking a remediation program.
