Textual Amendments
F1Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 6(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.
(1)The Treasury may appoint an independent person to conduct a review of the economy, efficiency and effectiveness with which the FCA has used its resources in discharging its functions.
(2)A review may be limited by the Treasury to such functions of the FCA (however described) as the Treasury may specify in appointing the person to conduct it.
(3)A review is not to be concerned with the merits of the FCA's general policy or principles in complying with its general duties under section 1B(1) and (4) [F2or its duties under section 333O(1) and (2)(a)].
(4)On completion of a 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.
(5)A copy of the report must be—
(a)laid before Parliament, and
(b)published in such manner as the Treasury consider appropriate.
(6)Any expenses reasonably incurred in the conduct of the review are to be met by the Treasury out of money provided by Parliament.
(7)“Independent” means appearing to the Treasury to be independent of the FCA.
Textual Amendments
F2Words in s. 1S(3) inserted (3.3.2015) by Pension Schemes Act 2015 (c. 8), s. 89(1)(a), Sch. 3 para. 5 (with s. 87)
(1)A person conducting a review under section 1S—
(a)has a right of access at any reasonable time to all such documents as the person may reasonably require for the purposes of the review, and
(b)may require any person holding or accountable for any such document to provide such information and explanation as are reasonably necessary for that purpose.
(2)Subsection (1) applies only to documents in the custody of or under the control of the FCA.
(3)An obligation imposed on a person as a result of the exercise of the powers conferred by subsection (1) is enforceable by injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.]