On 20 July 2018, the Bank of England published a revised memorandum of understanding (the MOU) on UK payment systems, as part of the joint Bank of England / Prudential Regulation Authority / Financial Conduct Authority / Payment Systems Regulator  (the Authorities) obligation to annually review this MOU pursuant to section 99(5) of the Financial Services (Banking Reform) Act 2013.

The MOU outlines the framework that the Authorities must take to co-operate in relation to regulating payment systems in the UK, including explicitly detailing each authority’s respective duties. Such duties to cooperate have been extended further to all Authorities following the previous review in 2017, to both strengthen coordination and adapt to legislative changes since the last review.