BoE, FCA, PRA and PSR conduct review of MoU for UK payment systems

The Bank of England, FCA, PRA and PSR are required, by the Financial Services (Banking Reform Act) 2013 to conduct an annual review of their Memorandum of Understanding (MoU) setting out the framework for their cooperation in relation to payment systems in the UK.

The sixth review of the MoU took place in 2021 and was informed by feedback from industry and regulatory practitioners from each organisation. In summary, the Authorities concluded that the MoU is working well, but they note that they have identified further opportunities to extend cooperation and coordination which will be implemented over the coming year.