On 5 March 2019, the Bank of England (in the form of the Prudential Regulation Authority (PRA)), the Financial Conduct Authority (FCA) and the European Insurance and Occupational Pensions Authority (EIOPA) announced that they had agreed Memoranda of Understanding (MoUs) in respect of supervisory co-operation and information-sharing arrangements for UK and EU/EEA insurance firms.

The following have been agreed:

  • a multilateral MoU with EU/EEA National Competent Authorities (NCAs) covering supervisory cooperation, enforcement and information exchange between UK and EU/EEA NCAs; and
  • an MoU with EIOPA covering information exchange and mutual assistance between the UK authorities (the FCA and PRA) and EIOPA.

The MoUs have not been publication yet.

View: Bank of England and Financial Conduct Authority agree Memoranda of Understanding with EIOPA and EU insurance supervisors