UK and Dutch financial regulators have agreed to work more closely together to protect and enhance the integrity and stability of both countries financial systems.

The Financial Conduct Authority (FCA) and the Dutch Authority for the Financial Markets (AFM) signed a joint agreement to formalise this partnership.

The agreement builds on the tight bond the UK and Dutch authorities already have and it also develops the relationship in areas such as FinTech, a pro-active and data-led approach to supervision and encouraging proper behaviour within firms. The agreement will apply in a Deal or No Deal scenario, and will accompany the Multilateral Memorandum of Understanding between the FCA and EU regulators announced in February 2019.

Andrew Bailey, Chief Executive of the FCA said: “We have always had a strong relationship with the Dutch AFM and this agreement strengthens that relationship. Given the increasing interconnectedness of financial services markets, having close relationships with other countries’ regulators helps to ensure that we can protect consumers and maintain our oversight of firms and markets”

Alongside information sharing the FCA and AFM will also share best practice approaches, explore the scope for secondments between the regulators and expert training opportunities.

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