On 1 July 2014, the CMA published the memorandum of understanding (MoU) it has entered into with the FCA.

The MoU, which is dated 12 June 2014, establishes a framework for co-operation between the CMA and the FCA and sets out their respective roles and explains how they work together. The MoU replaces the MoU between the OFT, one of the CMA's predecessor organisations, and the FCA, dated 2 April 2013.

What this means for you

The MoU explains that it builds on the OFT's experience in working closely with the FCA (and the FCA's predecessor - the FSA) across a range of mutual interests, notably competition, in respect of which the FCA has a stronger remit than the FSA. The CMA and FCA will work together to ensure a consistent and co-ordinated approach is taken under the Payment Services Regulations and to agree which authority is best placed to lead in each case.