Payment systems memorandum of understanding

The Bank of England (BoE) has issued a press statement to inform of the findings from a recent review of its Memorandum of Understanding (MoU) concluded by the BoE itself, the Financial Conduct Authority (FCA), the Payment Systems Regulator (PSR), and the Prudential Regulation Authority (PRA) as regards the supervision of payment systems in UK.
Having reviewed the feedback from stakeholders and having considered the level and effectiveness of the cooperation arrangement, all involved regulators concluded that the provisions in the MoU are sufficient and adequate.
To conclude, the BoE states that all „authorities emphasised their on-going commitment to working closely together on issues of common regulatory interest and avoiding duplication in their engagement with industry“.