The FCA and the Bank of England have completed a review of the operation in 2015 of their MoU on the supervision of markets and market infrastructure. It was concluded that the MoU's arrangements for co-operation remain effective, with appropriate co-ordination and no material duplication, and that these arrangements have evolved over the past year in response to the FCA's reorganisation. The FCA states that, 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.