MoU between PSR and other financial regulators
How the Payment Systems Regulator will interact with the Bank of England, the Financial Conduct Authority and the Prudential Regulation Authority.
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 and the Prudential Regulation Authority in relation to payment systems.