The Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA) have agreed a new Memorandum of Understanding (MoU) which sets out a framework for co-operation between the two regulators in relation to competition issues, consumer protection, access to payment systems and the sharing of information for the performance of their functions. The MoU, dated 12 June 2014, replaces an earlier MoU of April 2013 between the CMA's predecessor, the OFT, and the FCA.
The CMA and the FCA have different but complementary powers and recognise that, by working closely and effectively together, they can deliver greater benefits to consumers and businesses. Closer co-operation between both regulators has become particularly relevant following the FCA's new competition role obtained in 2013. For more details on the FCA's current competition powers, and the new concurrent competition powers conferred under the Financial Services (Banking Reform) Act 2013, click here.
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