United Kingdom Parliament Treasury Committee Update: Letter From Tracey McDernott, Acting Chief Executive, Financial Conduct Authority, Regarding Twin Peaks, Dated 8 December 2015

Dear Andrew,

During our evidence session on 21 October, you asked me to follow up with some more information on the overlap of activities between the FCA and the Prudential Regulation Authority (PRA) and on the extent to which the Financial Services Compensation Scheme (FSCS) levy can be varied.

Twin peaks

We work closely with the PRA in accordance with the Memorandum of Understanding (MoU) which underpins the relationship between the two organisations. Cooperation with the PRA is assisted by the membership of each CEO on the other organisation's board, a crossmembership role in which we focus on areas of overlap. PRA and FCA executive directors also meet quarterly, and at a working level teams are responsible for co-ordinating analysis, and sharing information, across the Financial Policy Committee (FPC), FCA and PRA as appropriate.

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