On 4 March 2016, the FCA published a press release announcing that it and the Bank of England (BoE) have completed a review of their 2015 operation of the memorandum of understanding(MoU).  The MoU, entered into in 2014, sets out how the two institutions 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.  According to the press release, Sir Jon Cunliffe, BoE Deputy Governor for Financial Stability, and Tracey McDermott, FCA acting Chief Executive, concluded that the MoU's arrangements for co-operation remain effective, and emphasised that staff should work together to take forward the suggestions from industry.