The Bank of England (BoE) co-operates with the FCA to supervise financial market infrastructure (FMI) and the framework for this cooperation is set out in a memorandum of understanding (MoU). The BoE and FCA must review the MoU annually to confirm whether the intended arrangements are proving effective.

On 24 November 2023, the FCA issued a statement in which it and the BoE concluded that overall the MoU’s arrangements for co-operation remain effective and that in the main there has been strong co-ordination and material duplication has been avoided. Both authorities re-affirmed their commitment to enhance co-operation domestically and internationally.