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The OFT and the Financial Services Authority (FSA) have different, but complementary, powers and statutory objectives. Given our overlapping interests and jointly regulated businesses, it is important we work well together in order to maximise our effectiveness in dealing with consumers and businesses.
We have long worked closely together across a broad range of mutual interests, and in April 2006 published a Joint Action Plan. On 9 December we published a final update to that Plan, which has substantial achievements to its credit. It is the final update, as we are moving to a new way of planning our joint working under a Memorandum of Understanding (MoU).
This new MoU establishes a framework for co-operation between the OFT and the FSA in respect of financial services. Financial markets and the wider economy have changed dramatically since April 2006, and the two organisations need a more flexible approach that identifies and regularly updates key themes, and plans specific joint action around those. In particular, we wish to strengthen our co-operation on competition issues. We know that the Government [see note 1] welcomes our plans in this area,
The MoU draws together the whole range of our mutual understanding and co-operation, annexing Concordats on Unfair Terms and Consumer Protection, as well as the new Competition Concordat. It is both our statement of intent, and a working document of practical ways to achieve maximum effectiveness of regulation.
For further information, see Financial Services Plan.
note 1. HM Treasury's document 'Reforming financial markets', July 2009, paragraph 9.37
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