The PSR and BoE have published correspondence between them setting out how they intend to continue to work together on the CHAPS reimbursement requirement. The PSR does not have powers under the Financial Services (Banking Reform) Act in respect of the BoE so could not use that act to require the reimbursement requirement. However, the Bank chose to align CHAPs rules with the FPS reimbursement requirement. As a result, the two regulators need to share information and cooperate so that the regimes work consistently and with appropriate enforcement.
PSR and BoE agree next steps in CHAPs co-ordination
