The Bank and FCA held a consultation with FMIs and reviewed their co-operation regarding market infrastructure in 2017. The authorities concluded that the MoU’s arrangements for co-operation remain effective, with appropriate co-ordination and no material duplication.
Domestically, the Bank co-operates closely with both the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) in relation to supervising market infrastructure and payment systems respectively. The frameworks for co-operation are set out in Memorandums of Understanding (MoUs) which are reviewed annually by the parties involved, including by seeking feedback from supervised Financial Market Infrastructures (FMIs). Co-operation supports effective supervision and policymaking by sharing information between the regulators and promotes efficiency by minimising duplication.
Industry respondents acknowledged the efforts made on co-operation and emphasised its growing importance given the changing environment. The Bank and FCA remain committed to effective co-operation and staff will work together to take forward those suggested improvements identified by industry — for example by joint industry working groups on issues of shared interest and representation at project boards. The authorities will also review the MoU to ensure it continues to appropriately reflect their respective roles and responsibilities once the United Kingdom has left the EU.
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