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 (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.
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