On 19 September 2019, the Bank of England (BoE) published an updated memorandum of understanding (MoU) between itself (exercising its prudential regulation functions) and the Financial Services Compensation Scheme (FSCS). The MoU sets out the framework agreed between the FSCS and the PRA. It was agreed pursuant to section 217A(1) and (2) of the Financial Services and Markets Act 2000, which places a duty on both parties to co-operate and to maintain a memorandum describing compliance with that duty.
The MoU has been updated to reflect minor changes to certain legislative functions and other organisational changes. The title of the MoU has also been changed to reflect the full integration of the PRA into the BoE in March 2017.