The Prudential Regulation Authority, the Financial Conduct Authority and the European Banking Authority have agreed to a pro forma Memorandum of Understanding - for use between the UK and the 'EU 27' - to govern supervisory co-operation and information-sharing arrangements between the UK and the national regulators of the EU after Brexit.

Now that they have agreed on the form of MoU that the British authorities will sign with each and every one of the EU bodies, the parties are looking forward to "uninterrupted information-sharing and supervisory co-operation in the event of a no-deal scenario."

Andrew Bailey, the chief executive of the Financial Conduct Authority, said: “There will be no interruption in [the] exchange of supervisory information in the event of a no-deal exit from the EU.”