An extension is required for an additional 2 months of the extended 5 year plus 8 months contract with Prepaid Financial Services (PFS) which is due to end on 31st March 2024 due to complications on-boarding to the new provider following the re-commissioning exercise.

The nature of financial regulations and compliance has changed, resulting in new fixed timescales which were not known at the time of contract award to the new provider. This extended period would allow the council to meet these compliance timeframes and reduce the impact on the council’s current customers of approximately 1,000 cardholders.