On June 26, the FSA published a draft memorandum of understanding (“MoU”) between the Financial Services Compensation Scheme (“FSCS”) and the new Prudential Regulation Authority (“PRA”) and a second MoU between the FSCS and the new Financial Conduct Authority (“FCA”). MoU between FSCS and PRA. MoU between FSCS and FCA.

In particular the MoUs cover:

• The roles of the FSCS, PRA and FCA;
• Information sharing between the FSCS and the new regulators and confidentiality issues;
• Policy making;
• Funding the FSCS;
• Co-ordination between the PRA and FCA on the oversight of the FSCS; and
• Reporting obligations on the FSCS to the new regulators.