In line with the Financial Services Act 2012, the FCA and the Bank of England reviewed the operation in 2015 of their Memorandum of Understanding[1] (MoU) that sets out how they should co-operate with one another in relation to the supervision of markets and market infrastructure. As part of this review, a survey of industry respondents identified no material instances of duplication and respondents acknowledged the efforts made by both authorities on co-operation.
The Deputy Governor for Financial Stability at the Bank and the FCA’s CEO considered the views of industry and staff and concluded that the MoU’s arrangements for co-operation remain effective, with appropriate co-ordination and no material duplication and have evolved over the past year in response to the FCA’s reorganisation. They emphasised their continued commitment to effective co-operation and that staff should work together to take forward the suggestions from industry.