(1)The Treasury may appoint an independent person to conduct a review of the economy, efficiency and effectiveness with which the Bank has used its resources in discharging its functions as the Prudential Regulation Authority.
(2) “ Independent ” means appearing to the Treasury to be independent of the Bank.
(3)A review under this section may be limited to such of the Bank's functions as the Prudential Regulation Authority (however described) as the Treasury may specify in appointing the person to conduct it.
(4)A review under this section is not to be concerned with the merits of the Bank's general policy or principles in pursuing the Bank's objectives (including its objectives as the Prudential Regulation Authority).
(5)On completion of the review, the person conducting it must make a written report to the Treasury—
(a)setting out the result of the review, and
(b)making such recommendations (if any) as the person considers appropriate.
(6)A copy of the report must be—
(a)laid before Parliament, and
(b)published in such manner as the Treasury think fit.
(7)Any expenses reasonably incurred in the conduct of the review are to be met by the Treasury out of money provided by Parliament.]
Textual Amendments
F1Ss. 7D-7H inserted (6.7.2016 for the insertion of ss. 7D, 7E, 7G, 7H, 1.3.2017 in so far as not already in force) by Bank of England and Financial Services Act 2016 (c. 14), ss. 11, 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(l); S.I. 2017/43, reg. 2(b)