Letter from the Chancellor of the Exchequer to the Governor of the Bank of England providing recommendations for the Financial Market Infrastructure Committee.
The Financial Market Infrastructure Committee (FMIC) has responsibility within the Bank for exercising the Bank's FMI functions as set out in the Bank of England Act 1998.
The BoE Act 1998 requires the Treasury, at least once in each Parliament, to make recommendations to the FMIC about aspects of the government's economic policy to which the Bank should have regard when considering how to advance its objectives and the application of its regulatory principles. This letter provides such recommendations and outlines the important role that the Bank plays in protecting financial stability, facilitating innovation, and supporting the government's growth mission.
The FMIC is required to respond to the recommendations from the Treasury within a year of receiving the recommendations, and each subsequent year after that. These responses set out action that the FMIC has taken, or intends to take, in accordance with the recommendations, or why it has not acted.
