Competition Law
Competition Law Statement
Competition law aims to ensure that firms compete freely and fairly with one another for the benefit of customers and consumers. This statement sets out a clear commitment by the Board of Directors of (i) Prepaid Financial Services Limited’s (PFS UK) and (ii) known together as (PFSL) to comply with all applicable competition laws in all its business operations.
Who we are?
PFSL is an e-money payments institution with operations in the UK. We provide services in the payments industry to our partners including national and local governments, mobile network operators, banks and blue-chip organisations across Europe. Our service line includes own label and white label e-money solutions, including e-wallets, prepaid cards and current accounts.
What, Why?
PFSL has put in place appropriate competition law policies and procedures to ensure that staff understand how competition law applies to what they do to avoid breaching the rules and how they can report internally any concerns they may have about anti-competitive practices.
PFSL has a zero tolerance approach to any conduct that breaches competition law. Infringement of competition law can result in very serious fines for PFSL and have additional consequences such as reputational damage, litigation and even imprisonment and/or fines for directors and employees.
To ensure compliance with these laws, PFSL and its directors, officers and employees commit not to enter into any arrangements that are anti-competitive, including:
- Not to participate in a cartel;
- Not to reach agreements or understandings with competitors that could restrict competition (e.g. to raise prices or rig bids);
- Not to exchange, disclose or accept commercially sensitive information with, to or from competitors (e.g. on future price increases or commercial strategy); and
- Not to agree with competitors to limit competition in a market (e.g. agreement on exclusive territories or allocation of customers).
Training
PFSL staff have access to, and are committed to complying with, our competition law compliance policy and guidelines on information sharing and relevant staff have received appropriate training on this area.
Approval for this statement
This statement was approved by the Board of Directors on 5 March 2021.