fire.com and Brexit

fire.com and Brexit

Arising from Brexit, we have taken action to ensure all our customers will continue to have access to all our account and payment services, irrespective of the final political arrangements.

What is Brexit?

On the 29th March 2017, the United Kingdom (UK) notified the European Council of its intention to withdraw from the European Union (EU) pursuant to Article 50 of the Treaty of the European Union (TEU). The withdrawal will take place from the date of entry into force of the withdrawal agreement or, failing that, two years after the notification, on 29th March 2019. The UK’s decision to withdraw from the EU includes the UK leaving the European Single Market.

What are the implications

fire.com is regulated by the Central Bank of Ireland and trades in the UK under a passporting arrangement. We are exposed to the implications of a ‘no-deal Brexit’ in that the option to passport (to the UK) would no longer be available. To ensure this didn’t become a reality, the team developed an approach to minimise customer impact and ensure all services will remain available regardless of the outcome.

fire.com’s approach

In order to ensure our ability to continue to provide services in the UK (in the event of a hard Brexit), we have established a UK entity (“Fire-UK”). In October 2018 we applied for authorisation to the UK’s Financial Conduct Authority (“FCA”). We have also enrolled in the FCA’s Temporary Permission Regime, which enables us to continue providing services in the UK if we haven’t received FCA approval before the exit day.

Going forward, our EU customers will continue to be contracted with the current Irish/EU regulated entity (“Fire-EU”) while UK customers will be contracted with Fire-UK once FCA approval has been received.

We have also put solutions in place with our key third-party providers, so we can continue to provide the same range of services, while minimising impact to our existing customers.

What does this mean for customers?

Below is an overview of services and the changes, if any, that will occur. Please review the FAQ’s at the bottom of this page for further information:.

EU Customers – there will be no impact:

  • Euro BIC & IBANs – unchanged;
  • Sterling Sort Code & Account Numbers – unchanged;
  • Euro (SEPA) payments & Sterling (Faster Payments and BACS) – payments in and out of your fire.com accounts will not change;
  • Mastercard debit card – continue to work as normal, you do not need to take any action;
  • Sterling direct debits – continue to be processed as they are today, you do not need to take any action.

UK  Customers – signed up before the 25th February 2019:

  • Euro BIC & IBANs – will change on the 14th March 2019;
  • Sterling Sort Code & Account Numbers – will change on the 14th March 2019;
  • Euro (SEPA) payments & Sterling (Faster Payments and BACs) – payments in and out of your fire.com accounts will not change;
  • Mastercard debit card – continue to work as normal. You do not need to take any action;
  • Sterling direct debits – continue to be processed as they are today, we will update service providers of the change to your account.

UK Customers – signed up after the 25th February 2019 – there will be no impact:

  • Euro BIC & IBANs – unchanged;
  • Sterling Sort Code & Account Numbers – unchanged;
  • Euro (SEPA) payments & Sterling (Faster Payments and BACs) – payments in and out of your fire.com accounts will not change;
  • Mastercard debit card – continue to work as normal. You do not need to take any action.
  • Sterling direct debits – continue to be processed as they are today, you do not need to take any action.

Summary

fire.com will provide as much support as required to ensure that the impact to our customers is minimised. Please contact us if you have any questions on any aspect of the services you currently use. We will continue to communicate regularly, and as new information becomes available.

FAQ’s – EU Customers

Do I need to take any action?

No, as your account details remain unchanged you will not need to do anything to continue using our service.

Will there be any change to my services?

As an EU based customer your services won’t change from how you use them today.

  • You will continue to contract with the Irish entity (“Fire-EU”);
  • Your account details will remain the same;
  • You can continue to make payments as you do today;
  • You can access the service as you do today.

How can I access my account?

Business customers – you can continue to access your account as you do today via firework online (https://business.fire.com) and firework mobile app (available from iOS and Google Play Stores)

Personal customers – you can continue to access your account as you do today via the fire personal app (available from iOS and Google Play Stores)

Will my contract, terms & conditions etc change?

EU customers will continue to contract with Fire-EU. A new Framework Contract will be issued to reflect the new corporate structure, once Fire-UK has received regulatory approval from the FCA. As a customer, you may decide to close you fire.com account at any time.

I have questions that aren’t answered here, what should I do?

If you have any additional questions, please email support@fire.com and we’ll respond as soon as possible. We aim to be as open and concise as possible and welcome the chance to assist.

FAQ’s – UK Customers

Do I need to take any action?

Customers signed up before 25th February 2019:

  • It is important that you provide your new account details to anyone who pays you as soon as possible after they become available on 14th March 2019;
  • fire.com will act on your behalf to notify direct debit originators of the change to your account. We would recommend contacting service providers directly, especially if you have direct debit payments around the 14th March 2019 as the originator may not have updated their records;
  • All other services will operate as they do today and no change is required.

Customers signed up after 25th February 2019:

  • You do not need to take any action, all services will operate as they do today

Will there be any change to my services?

As an UK based customer who signed up before the 25th February 2019:

  • You will continue to be contracted with Fire-EU until Fire-UK receives FCA approval, at which point your contract will transfer to Fire-UK;
  • On the 14th March 2019 we will migrate you to new accounts, at which point they will be viewable in firework online and in firework mobile app;
  • You can continue to make payments as you do today;
  • You can continue to use your Mastercard as you do today;
  • You can access the service as you do today.

As a UK customer who signed up after the 25th February 2019:

  • You will continue to be contracted with Fire-EU until Fire-UK receives FCA approval, at which point your contract will transfer to Fire-UK;
  • Your account details will not change;
  • You can continue to make payments as you do today;
  • You can continue to use your Mastercard as you do today;
  • You can access the service as you do today.

How can I access my account?

Business customers – you can continue to access your account as you do today via firework online (https://business.fire.com) and firework mobile app (available from iOS and Google Play Stores)

Personal customers – you can continue to access your account as you do today via the fire personal app (available from iOS and Google Play Stores)

Will my contract, terms & conditions etc. change?

UK customers will continue to contract with Fire-EU until such time as Fire-UK receives regulatory approval from the FCA. At this point UK customer contracts will transfer to Fire-UK and a new Framework Contract will be issued. As a customer, you may decide to close you fire.com account at any time.

What is a Migrated Account?

To implement the changes necessary to operate the two entities and comply with all the relevant regulations we will need to issue you new account details. These new accounts will replace the existing accounts you have with us. Existing accounts will have a Migrated status and all funds in a migrated account will automatically be transferred to the newly created account.

What happens if a payment is made to my Migrated Account?

We have developed a temporary solution whereby payments made to migrated accounts will be automatically redirected to the new accounts. This redirection will be supported up to the 25th April 2019 after which time payments to migrated accounts will be returned. To ensure there is no disruption we request that you update anyone who pays you as soon as possible once your new account details become available on the 14th March 2019.

Do I need a new debit card?

No, you can continue to use your Mastercard debit card as you do today. We will automatically link the card to the newly created accounts so there will be no disruption to your service. Your card number will not change until your card reaches its expiry date.

Will my direct debits continue to work?

It will be possible to continue making direct debit payments on the newly issued sterling accounts. Users who signed up after the 25th February 2019 don’t need to take any action.

For users who signed up before the 25th February 2019, we will act on your behalf and notify the direct debit originator of the account change, where direct debits were set up before the 14th March 2019. We would recommend contacting the service provider directly to minimise disruption as we can’t guarantee the originator will act on our instruction and update their records. This is especially relevant if you typically have a direct debit collection around the 14th of the month.

I have questions that aren’t answered here, what should I do?

If you have any additional questions, please email support@fire.com and we’ll respond as soon as possible. We aim to be as open and concise as possible and welcome the chance to assist.