➡️ The Bank of England, Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and Payment Systems Regulator (PSR) updated their MoU to improve coordination across the UK payments sector.
➡️ The annual revision, mandated by the Financial Services (Banking Reform) Act 2013, reflects strengthened cooperation since 2024, including shared insights on the impact of Authorised Push Payment fraud reimbursement rules and collaborative responses to digital payments and Big Tech investigations.
➡️ The revised MoU clarifies roles and responsibilities, integrates new principles guiding inter-regulator work and supports the delivery of the National Payments Vision.
➡️ The update anticipates the future consolidation of PSR into the FCA, ensuring regulatory continuity during the structural transition.
✅ Payment Service Providers should review their channels of reporting, particularly surrounding APP fraud, that they reflect the expectations set out in the revised MOU.