PART 1

Regulatory framework
CHAPTER 3

Accountability of regulators

Panels and policy statements

Statement of policy on panel appointments
45
1
FSMA 2000 is amended as follows.
2
After section 1R insert—

Statement of policy on panel appointments
1RA
1
The FCA must prepare and publish a statement of policy in relation to the appointment of members of its statutory panels.
2
The statement must provide information about—
a
the process adopted for making appointments;
b
matters considered in determining who is appointed.
3
The statement may provide whatever other information in relation to the making of appointments that the FCA considers appropriate.
4
The FCA may alter or replace a statement published under this section.
5
The FCA must publish a statement as altered or replaced under subsection (4).
6
Before publishing a statement under this section the FCA must—
a
consult the Treasury about the proposed statement, and
b
have regard to any representations the Treasury make in response to the consultation.
7
Publication under this section is to be made in such manner as the FCA considers best designed to bring the statement to the attention of the public.
8
In this section “statutory panel” means a panel established under section 1N, 1O, 1P, 1Q, 1QA or 138IA.
3
After section 2N insert—

Statement of policy on panel appointments
2NA
1
The PRA must prepare and publish a statement of policy in relation to the appointment of members of its statutory panels.
2
The statement must provide information about—
a
the process adopted for making appointments;
b
matters considered in determining who is appointed.
3
The statement may provide whatever other information in relation to the making of appointments that the PRA considers appropriate.
4
The PRA may alter or replace a statement published under this section.
5
The PRA must publish a statement as altered or replaced under subsection (4).
6
Before publishing a statement under this section the PRA must—
a
consult the Treasury about the proposed statement, and
b
have regard to any representations the Treasury make in response to the consultation.
7
Publication under this section is to be made in such manner as the PRA considers best designed to bring the statement to the attention of the public.
8
In this section “statutory panel” means a panel established under section 2M, 2MA or 138JA.
S. 45 not in force at Royal Assent, see s. 86(3)
S. 45 in force at 29.8.2023 by S.I. 2023/779, reg. 4(ii)