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) PFS Card Services Ireland Limited (PCSIL) known together as (PFS) to comply with all applicable competition laws in all its business operations.

Who we are?

PFS is an e-money payments institution with operations in the UK, Ireland, Spain, France and Malta. We provide services in the payments industry to our partners including national 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?

PFS 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.

PFS has a zero tolerance approach to any conduct that breaches competition law. Infringement of competition law can result in very serious fines for PFS 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, PFS 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

PFS 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.