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
The Regulatory Initiatives Grid from the Financial Services Regulatory Initiatives Forum sets out the regulatory pipeline, in order to give firms a clear view of upcoming regulatory work.
The Forum is comprised of the Bank of England (including the Prudential Regulation Authority), Financial Conduct Authority, Payment Systems Regulator, Competition and Markets Authority, Financial Reporting Council, The Pensions Regulator, and Information Commissioner’s Office, with HM Treasury attending as an observer member.
The Grid is published on a biannual basis where possible and is hosted on the FCA's website.
The latest version of the Grid was published in February 2023 and can be accessed below.
When using the tableau located at the bottom of the page, you will be able to filter by organisation to see the project milestones that are relevant to the PSR.
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.
MoU between PSR and other financial regulatorsThis 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 a…
PSR CP 15/1: PSR competition concurrency guidanceThe PSR is consulting on procedural guidance relating to its competition powers.