On 4 June 2020, the Bank of England (BoE) published a letter from Sir Jon Cunliffe (Deputy Governor, Financial Stability, BoE) to all UK financial market infrastructures and specified providers (FMIs) concerning the distribution of profits given the demands arising from COVID-19.

The letter provides that when UK FMIs’ boards are considering any distributions to shareholders or making decisions on variable remuneration, the BoE expects them to pay close attention to the additional risks and potential financial and operational demands arising from COVID-19. The BoE would expect such FMIs to discuss with it in advance of making any distribution to shareholders