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<p>As set out in the Government amendments to the Banking Reform Bill, the Financial Conduct Authority (FCA) is responsible for establishing the Payment Systems Regulator (PSR), appointing its Board, and approving its budget, annual plan and annual report. There is also provision which allows the PSR to make arrangements for any of its functions to be discharged by an officer or member of staff of the FCA.</p><p>The PSR, FCA and the Prudential Regulation Authority (“PRA”) (and the Bank of England) will be under a duty to co-ordinate the exercise of their relevant functions and to prepare and maintain a memorandum of understanding describing the role of each regulator in relation to the exercise of relevant functions which relate to matters of common regulator interest and how the regulators intend to comply with their co-ordination duty. The PSR will have powers to share information with both the FCA and the PRA and vice versa. The FCA and PRA will have powers to require the PSR to refrain from planned action, or to require modification to that action, where such an action would in their opinion damage the ability of the FCA or PRA to comply with their general duties.</p> |