Aggregated News From Investment Management Regulators

Bank of England, FCA, PRA and PSR conduct 2021 review of Memorandum of Understanding for payment systems in the UK

Report/Flag

Please complete the required fields.



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 2021, the Authorities carried out their sixth such review.

Senior representatives from the BoE, FCA, PRA and PSR have considered whether cooperation pursuant to the MoU is working. This process was informed by feedback from industry and regulatory practitioners from each organisation. Overall, we have concluded that the MoU is working well. The Authorities have also implemented a number of initiatives identified previously, such as the exchange of expertise, information and data. The Authorities have identified further opportunities to deepen cooperation and coordination, for example continuing effective cross-authority coordination on reforms to payments legislation and further enhancing the sharing of information and data; these will be implemented over the coming year. 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.

This news item was originally published by the Financial Conduct Authority (FCA UK). For more information, please see the Source Link.

Regulator Information

Regulator Name: Financial Conduct Authority
Abbreviation: FCA
Jurisdiction: United Kingdom

Recent Articles

SEC Investor Advisory Committee to Discuss Investor Account Statements, Corporate Tax Transparency, and Single-Stock ETFs on Dec 8

Washington D.C., Dec. 1, 2022 — The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on December 8 at 10 a.m. ET.

Fort Worth Regional Director David L. Peavler to Leave SEC

Eric R. Werner and Marshall Gandy named acting co-heads of Fort Worth Office Washington D.C., Dec. 1, 2022 — The Securities and Exchange Commission today announced that David L.

Extension of timeline for implementation of Standardized Industry Classification by CRAs

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Get the latest from Regulatory.News in your inbox!

×