On 14 February 2022, the Financial Conduct Authority (FCA), Bank of England (BoE) Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) published a statement relating to a review of the Memorandum of Understanding (MoU) for payment systems in the UK.
The MoU sets out the high-level framework that the authorities use to cooperate with one another, in relation to payment systems in the UK. The Financial Services (Banking Reform Act) 2013 requires authorities to review the MoU annually.
To recognise whether cooperation pursuant to the MoU is working, senior representatives from the FCA, BoE, PRA and PSR relied on feedback from industry and regulatory practitioners from each organisation. They believe that the MoU is working well overall.
The authorities have identified further opportunities to improve cooperation and coordination, for example continuing effective cross-authority coordination on reforms to payments legislation and further enhancing the sharing of information data, these will be implemented over the coming year.