The FSA and the OFT launched the Joint Action Plan in April 2006, which set out how the bodies would cooperate on issues of mutual interest.
In a joint statement released today, FSA chief executive Hector Sants and OFT chief executive John Fingleton say: “This new MoU establishes a framework for cooperation between the OFT and the FSA on financial services.
“Financial markets and the wider economy have changed dramatically since April 2006 and we 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 cooperation on competition issues.”
The MoU draws together a framework that shows how the bodies will work together on competition issues, unfair terms, consumer protection and banking conduct.