Payment systems memorandum of understanding

We have reviewed the framework setting out how we cooperate with other UK regulators on payment systems.
Published on 07 July 2016

The Bank of England, the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have reviewed the memorandum of understanding (MoU) that sets out the high-level framework we use to cooperate with each other in relation to payment systems in the UK.

PDF MoU between the Bank, PRA, FCA and PSR 

This is the first review of the MoU since it was signed in March 2015. As part of the review, the four authorities have emphasised their ongoing commitment to working closely together on issues of common regulatory interest and avoiding duplication. 

The Bank’s Deputy Governor for Financial Stability, the PRA’s Deputy Governor for Prudential Regulation, the FCA Board and the PSR Board have considered the views of industry and staff, and concluded that cooperation and coordination under the MoU is working well. Some minor changes to the MoU have also been agreed to reflect the expansion of the PSR’s remit since the MoU was first signed in 2015.

PDF Press release

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