The Financial Services and Markets Act 2023 (Panel Remuneration and Reports) Regulations 2023

Panel member remuneration

2.—(1) Section 1MA(1) of the 2000 Act (composition of Panels) does not apply in relation to—

(a) a member of the panel established under section 1O of the 2000 Act (the Smaller Business Practitioner Panel)(1) who—

(i) only receives remuneration from the FCA for their work on the panel established under section 1O of the 2000 Act, or

(ii) in addition to the remuneration described in paragraph (i), receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act (regulator’s general duty to consult),

(b) a member of the panel established under section 1Q of the 2000 Act (the Consumer Panel)(2) who—

(i) only receives remuneration from the FCA for their work on the panel established under section 1Q of the 2000 Act, or

(ii) in addition to the remuneration described in paragraph (i), receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act,

(c) a member of the panel established under section 138IA of the 2000 Act (FCA Cost Benefit Analysis Panel)(3) who is not appointed under section 138IA(8) and—

(i) only receives remuneration from the FCA for their work on the panel established under section 138IA of the 2000 Act, or

(ii) in addition to the remuneration described in paragraph (i), receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act.

(2) Section 2LA(1) of the 2000 Act (composition of Panels) does not apply in relation to a member of the panel established under section 138JA of the 2000 Act (PRA Cost Benefit Analysis Panel)(4) who is not appointed under section 138JA(8) and—

(a) only receives remuneration from the PRA for their work on the panel established under section 138JA of the 2000 Act, or

(b) in addition to the remuneration described in paragraph (a), receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act.

(3) Section 103(5A) of the 2013 Act does not apply in relation to a member of the panel established under section 103(3) of the 2013 Act who—

(a) only receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act,

(b) in addition to the remuneration described in paragraph (a), receives remuneration from the FCA or the PRA for their work on a panel established under sections 1O, 1Q, 138IA or 138JA of the 2000 Act, or

(c) who is remunerated by the FCA or the PRA, and—

(i) is not an employee of the FCA or the PRA for the purposes of section 230 of the Employment Rights Act 1996 (definition of employees, workers etc.)(5),

(ii) only receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act, and

(iii) does not receive remuneration from the FCA or the PRA for their work on a panel established under sections 1O, 1Q, 138IA or 138JA of the 2000 Act.

(1)

Section 1O was substituted by section 6(1) of the Financial Services Act 2012 (c. 21).

(2)

Section 1Q was substituted by section 6(1) of the Financial Services Act 2012.

(3)

Section 138IA was inserted by section 43 of the Financial Services and Markets Act 2023.

(4)

Section 138JA was inserted by section 43 of the Financial Services and Markets Act 2023.

(5)

1996 c. 18. Section 230 was amended by section 15(1) of the Public Interest Disclosure Act 1998 (c. 23), section 126(1) and paragraphs 29 and 41 of schedule 7 of the Children and Families Act 2014 (c. 6), section 149(1) and (3) of the Small Business, Enterprise and Employment Act 2015 (c. 26) and section 32(1) and (5) of the Children and Social Work Act 2017 (c. 16).