Rapid changes in the payments industry have prompted UK regulators to reassess their collaboration. The Bank of England, Financial Conduct Authority, Prudential Regulation Authority, and Payment Systems Regulator reviewed their Memorandum of Understanding (MoU) for payment systems.

According to a statement by the FCA, the regulators identified opportunities to strengthen cooperation and align with the government's National Payments Vision. Under the Financial Services Banking Reform Act 2013, the four authorities review their MoU annually. This agreement outlines how they collaborate on oversight, regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, and innovation in payment systems.

Gaps and Opportunities

"Over the past year, we have taken steps to improve the sharing of expertise and data between our institutions," the regulators said. "We recognize that there is scope for further improvement in our cooperation, and we have committed to revise the MoU by Q2 of 2025 in line with the Government's National Payments Vision."