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Financial Services and Markets Act 2023

Changes over time for: Section 45

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45Statement of policy on panel appointmentsU.K.
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(1)FSMA 2000 is amended as follows.

(2)After section 1R insert—

“1RAStatement of policy on panel appointments

(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—

“2NAStatement of policy on panel appointments

(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.”

Commencement Information

I1S. 45 not in force at Royal Assent, see s. 86(3)

I2S. 45 in force at 29.8.2023 by S.I. 2023/779, reg. 4(ii)

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