On 2 February 2010, the FSA and the Bank of England (BoE) announced that they had signed a Memorandum of Understanding (MoU) which is intended to help facilitate effective communication and cooperation in respect of the oversight of payment systems.

The MoU sets out the arrangements for cooperation and the division of roles and responsibilities between the FSA and the BoE regarding FSA regulated organisations and payment systems, with a particular focus on the division of responsibilities for the regulation of embedded payment systems that have been recognised under the Banking Act 2009.

View MoU between the Bank of England and the FSA regarding the oversight of payment systems, 2 February 2010