The Support PFS status, a source of ambition.
Much more than an accreditation! Over the past 20 years, the Support PFS status has had a deep impact on an entire industry. Pioneering in some respects, complex in others – it has to be said – the status has accompanied the life of companies in the Luxembourg financial sector through major upheavals and new opportunities.
Over the last two decades, the PSF Support status has evolved in a stable manner in line with the ambitions of the Luxembourg financial centre and its players, new technologies and regulatory challenges. By opening up to certain specific issues within the framework of dedicated circulars, the status has been enriched by requirements in the areas of risks, the challenges and opportunities of the cloud, cyber-resilience, and more, enabling companies to cope with the constant evolution of regulations. By being subject to strict requirements, businesses are constantly being pushed to improve and adapt to new regulations. This puts them in a strong position to meet regulatory requirements and ensure compliance, which is essential in a constantly changing environment.
As part of a true ecosystem, the status is closely linked to credit institutions, funds and institutions specialising in certain financial approaches. Later, it opened up to insurance, payments and Fintechs, as well as to specialists in the legal framework, auditing and many other professions. As holders of the status can testify, the sector is bustling!
All these developments have made it a major asset in raising Luxembourg’s international profile. The status, which is unique in Europe, was also a precursor in 2003. Today, the European regulations that protect the single market are well in line with our Luxembourg status: it was undoubtedly a step ahead, so to speak.
The status created fertile ground for an entire economy at the heart of Europe. It contributes to the general attractiveness of the country, by mobilising varied skills, whether technical and technological, legal or commercial, thus stimulating the Luxembourg economy and attracting talent from all over the world. The existence of this status is a real competitive advantage for Luxembourg, which can position itself as a preferred destination for companies in the financial sector.
In a world that is accelerating, shaken by multiple crises, a healthy status is a source of optimism for the future. It offers additional advantages, such as the creation of a community in the IT sector. Through the dedicated association, the Support PFS community can come together and share knowledge and experience, encouraging collaboration, exchange and innovation in the sector.