The MoU establishes a framework of co-operation between the two enforcement bodies and commits the FCA and Insolvency Service to share relevant information in a timely manner, as well as robust coordination of enforcement activities where appropriate.

In particular, the MoU commits the Insolvency Service and FCA to share information relating to misconduct, investigations and enforcement so that the two organisations can better use their powers to tackle corporate and financial misconduct and the commission of financial crime.

Sarah Albon, chief executive of the Insolvency Service, said: ‘While we conduct different activities and have different responsibilities, the Insolvency Service shares similar objectives with the FCA when it comes to tackling financial wrong-doing.

‘The MoU firmly establishes our relationship with the FCA and going forward we will endeavour to work closer together to put a stop to those companies and individuals who pay scant regard to the law and hurt economic confidence.’

The Memorandum of Understanding is here.

Report by Pat Sweet