PART 1A

Financial Stability

Financial Policy Committee of the Bank

Financial Policy Committee
9B
1
There is to be a
committee
of the Bank (the “
Financial Policy Committee
”) consisting of—
a
the Governor of the Bank,
b
the Deputy Governor for financial stability,
ba
the Deputy Governor for markets and banking,
bb
the Deputy Governor for monetary policy,
bc
the Deputy Governor for prudential regulation,
c
the Chief Executive of the FCA,
d
one member appointed by the Governor of the Bank after consultation with the Chancellor of the Exchequer,
e
5
members appointed by the Chancellor of the Exchequer, and
f
a representative of the Treasury.
2
The member appointed under subsection (1)(d) is to be a person who has executive responsibility within the Bank for the analysis of threats to financial stability.
3
Before appointing a person under subsection (1)(e), the Chancellor of the Exchequer must—
a
be satisfied that the person has knowledge or experience which is likely to be relevant to the Committee's functions, and
b
consider whether the person has any financial or other interests that could substantially affect the functions as member that it would be proper for the person to discharge.
4
The
court of directors of the Bank
must keep the procedures followed by the Financial Policy Committee under review.
5
Schedule 2A has effect with respect to the Financial Policy Committee.
Pt. 1A inserted (24.1.2013 for the insertion of ss. 9I(2), 9L, 9N for specified purposes and for the insertion of s. 9ZA, 19.2.2013 for the insertion of s. 9B for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 4(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.
Word in s. 9B(1) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 6(2), 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(g)
Ss. 9B(1)(b)-(bc) substituted for s. 9B(1)(b) (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 6(3), 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(g)
Word in s. 9B(1)(e) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 6(4), 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(g)
Words in s. 9B(4) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 11 (with Sch. 3); S.I. 2016/627, reg. 2(2)(e)