Part XXII

Auditors and Actuaries

General duties of regulator

Duty to meet auditors of certain institutions
339B
1
The FCA must make arrangements for meetings to take place at least once a year between—
a
the FCA, and
b
the auditor of any PRA-authorised person to which section 339C applies.
2
The PRA must make arrangements for meetings to take place at least once a year between—
a
the PRA, and
b
the auditor of any PRA-authorised person to which section 339C applies.
3
The annual report of each regulator must include the number of meetings that have taken place during the period to which the report relates between the regulator and auditors of PRA-authorised persons to which section 339C applies.
4
In subsection (3) “
the annual report
” means—
a
in relation to the FCA, every report which it is required by paragraph 11 of Schedule 1ZA to make to the Treasury, and
b
in relation to the PRA, every report which it is required by paragraph 19 of Schedule 1ZB to make to the Treasury.
5
In this section “
auditor
” means an auditor appointed under or as a result of a statutory provision.
Pt. 22 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(b), 62, Sch. 3 para. 5 (with reg. 3) (as amended (1.4.2013) by S.I. 2013/472, Sch. 2 para. 196(5)(e) and (18.9.2023) by S.I. 2023/790, regs. 1(2)(a), 2(3)(b))
Ss. 339B, 339C inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 134(2), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
S. 339A and cross-heading inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 13 para. 2 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
S. 339A cross-heading substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 134(3), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1