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Framework for UK regulators to cooperate on oversight of payment systems 'working well', review finds

A framework which governs how UK financial services regulators work with one another to oversee the way payment systems in the country operate is "working well", a review has found.07 Sep 2017

The Financial Conduct Authority (FCA), Bank of England, the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) each have responsibilities for the regulation of payment systems in the UK.

The authorities signed a memorandum of understanding (MoU) in March 2015 to guide the way they cooperate with one another on regulatory matters in the sector, and to coordinate regulatory actions which overlap.

An annual review of the framework is required under the terms of the Financial Services (Banking Reform Act) 2013.

The FCA Board, the Bank of England's deputy governor for financial stability, Sir Jon Cunliffe, the PRA’s deputy governor for prudential regulation, Sam Woods, and the PSR Board completed the second annual review of the MoU, according to the FCA's recent statement.

The FCA said a "number of areas to further improve cooperation and coordination, which are largely procedural in nature" had been identified in the review and would 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," it said.