UK and EU close to agreement on financial services memorandum

By Neasa MacErlean

A Memorandum of Understanding (MoU) between the UK and the EU on financial services regulation is now expected to be “agreed by March”, according to Andrew Bailey, governor of the Bank of England. This will supplement 36 MoUs already signed off “between the Bank of England/PRA [Prudential Regulation Authority] and supervisors across Europe”, said Mr Bailey in his Mansion House speech on 10 February.