March 20, 2019 / 4:13 PM / a month ago

UK, EU banks watchdogs agree cooperation pact for no-deal Brexit

LONDON (Reuters) - Britain’s two main financial regulators and the European Union’s banking watchdog have agreed a pact to share information in the event of a no-deal Brexit.

The Bank of England’s Prudential Regulation Authority, the Financial Conduct Authority and the European Banking Authority said they intend to move swiftly to sign bilateral memorandums of understanding.

“These bilateral MoUs will allow uninterrupted information-sharing and supervisory cooperation in the event of a no-deal scenario,” the BoE and FCA said in a joint statement on Wednesday.

Reporting by Huw Jones and William Schomberg, editing by Lawrence White

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