The outcome of yesterday’s European Union (EU) referendum was a vote to leave the EU. The UK Government will formally notify the European Council of its intention to leave and the UK will remain a member state of the EU until such time as UK law changes this as part of a formal withdrawal.

We recognise this is an important decision and the changing relationship with the EU is likely to impact the payments industry. Current payments regulation deriving from the EU will remain applicable until any changes are made, which will be a matter for Government and Parliament.

We now begin the process of supporting the Government to ensure we maintain a stable, innovative and competitive payments landscape. Over the coming weeks and months we will continue to keep the payments industry informed of our progress and look forward to working with the industry in a productive and transparent manner.