The Bank of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) have a Memorandum of Understanding (MoU) that sets out the high-level framework the Authorities use to cooperate with one another, in relation to payment systems in the UK.
The Financial Services (Banking Reform Act) 2013 requires the Authorities to review this MoU annually. During 2022, the Authorities carried out their seventh such review.
Senior representatives from the BoE, FCA, PRA and PSR have considered whether cooperation pursuant to the MoU is working well. This process has been informed by feedback from industry and regulatory practitioners from each organisation. Overall, in line with feedback from industry, we have concluded that the MoU is working well. The Authorities have exchanged expertise, information and data related to regulated activities. The Authorities have identified subject areas building on existing practice for future cooperation and coordination, for example continuing effective cross-authority coordination on reforms to legislation and further enhancing the sharing of information and data; these will be undertaken over 2023 and 2024. In conducting this review, the Authorities emphasised their on-going commitment to working closely together on issues of common regulatory interest and avoiding duplication in their engagement with industry.