Bank of England to work more closely with regulator to promote key objectives
Two of the UK’s most prominent regulatory bodies have signed an agreement committing them to work together to help consumers, businesses and the economy more broadly.
The Bank of England and the Competition and Markets Authority (CMA) have signed a Memorandum of Understanding (MoU), committing them to collaborate to help promote their respective objectives.
This is the first time that such an agreement has been in place.
“The shared aim of this MoU is to enable closer working between the parties, including the exchange of appropriate information, to assist them in discharging their statutory functions,” the document said.
The Bank of England’s primary responsibility is monetary policy and financial stability. Its regulatory arm, the Prudential Regulation Authority (PRA) promotes the safety of the financial sector as well as targeting international competitiveness.
The CMA meanwhile promotes competition at home and abroad for the benefit of British consumers.
The agreement will allow the “timely and focused sharing of relevant information,” with the hope this will allow both to promote their objectives.
This includes information relevant to investigations and information about policy proposals that impact both actors.
It confirmed that senior officials from both the Bank and CMA would meet to “discuss matters of mutual interest”.
It noted that information sharing was subject to statutory and legal restraints.