HM Revenue and Customs (HMRC), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have published a letter and annex, sent to the Chancellor, Andrew Tyrie and Lord Lawson, that sets out how they intend to share information and expertise within the existing rules.
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The agreement has been reached following the Parliamentary Commission for Banking Standards (PCBS) recommendations that:
- the Prudential Regulation Authority and Financial Conduct Authority (collectively “the Regulators”) and HMRC jointly publish a paper setting out how they intend to bring about sharing of information and expertise within the existing rules
- the PRA consider using its powers to commission reports on a specific function of a bank’s business on behalf of HMRC
- the National Audit Office undertake a periodic review of how effectively the PRA uses its powers to promote information sharing
Regular meetings will take place between the three organisations to ensure the above recommendations are being progressed, with the first scheduled to take place during the first quarter of 2015.