The FCA has reported on the outcome of the first review of the memorandum of understanding (MoU) on payment services regulation in the UK. The MoU sets out the high-level framework used by the FCA, the PRA and the Bank of England (BoE) and the Payment Systems Regulator (PSR) to co-operate with one another in relation to payments systems in the UK.
The authorities are undertaking work in a small number of areas to agree and embed processes to further improve the efficiency of cooperation and coordination. Some minor textual amendments to the MoU have also been agreed to reflect the expansion of the PSR’s remit since the MoU was signed in 2015. In conducting this first review, the Authorities emphasised their ongoing commitment to working closely together on issues of common regulatory interest and avoiding duplication.