Policy paper

Memorandum of Understanding on the relationship between the Payment Systems Regulator and the UK’s other financial regulators

This document outlines how the Payment Systems Regulator will interact with the Bank of England, the Financial Conduct Authority and the Prudential Regulation Authority.

Documents

Memorandum of Understanding between the Bank of England, FCA, PSR and PRA

Details

The Financial Services (Banking Reform) Act 2013 allowed for the creation of a new Payment Systems Regulator (PSR) with 3 objectives:

  • to promote competition
  • to promote innovation
  • to ensure that payment systems respond to the needs of consumers

This Memorandum of Understanding sets out the various roles and responsibilities that the PSR will have and its relationship with the Bank of England, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in relation to payment systems.

Published 26 March 2015