Part I

The Regulator

Reviews

Reviews
12
1
The Treasury may appoint an independent person to conduct a review of the economy, efficiency and effectiveness with which the Authority has used its resources in discharging its functions.
2
A review may be limited by the Treasury to such functions of the Authority (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 Authority’s general policy or principles in pursuing regulatory objectives or in exercising functions under Part VI.
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 he considers appropriate.
5
A copy of the report must be—
a
laid before each House of Parliament; and
b
published in such manner as the Treasury consider appropriate.
6
Any expenses reasonably incurred in the conduct of a 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 Authority.