Working with other regulators
Sharing information and insight with other bodies
As the economic regulator for the payment systems industry it’s important we work with and talk to other regulators and competition authorities.
We will work with other regulators and competition authorities within and outside the UK, including the Bank of England, PRA, FCA and CMA whenever that helps meet our objectives.
We will ensure that those activities are consistent and not duplicative and take into account the regulatory burden placed on industry. For example, when requiring stakeholders to respond to information requests from multiple authorities.
We are aware of our obligation to maintain stability and confidence in the UK financial system and the importance of payment systems to the performance of the functions of the Bank of England in its capacity as a monetary authority.
We will therefore continue to work closely with the relevant authorities in the financial services sector – the Bank, the FCA and the PRA – and have agreed a Memorandum of Understanding with them. This was laid before Parliament by the Treasury and published in July 2018.
Work we are doing with these authorities
We will be collaborating with the FCA and the CMA. Specifically:
- with the FCA on its credit card market study
- coordinating with the CMA on its retail banking market investigation
We will also work with other sector regulators and competition authorities, for example through the UK Competition Network, European Competition Network and UK Regulators’ Network, to ensure that we share experience and best practice on regulatory and competition matters.