On 20 July 2018, the Bank Of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and Payment Systems Regulator (PSR) published their Memorandum of Understanding in relation to payment systems (MoU).
The MoU sets out the high-level framework which the regulators will use to cooperate with one another in relation to payment systems in the UK.
The regulators considered the views of the payment systems industry and concluded that cooperation and coordination under the MoU is working well. In addition, the regulators identified a number of areas to further deepen coordination and cooperation. Such areas will be implemented over the coming year.