F3( 1 ). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)The [F4oversight functions of the court of directors] are—
(a)keeping under review the Bank's performance in relation to—
(i)the Bank's objectives (that is, the objectives specified in relation to it in this Act and the other objectives for the time being determined by the court of directors of the Bank),
(ii)the duty of the Financial Policy Committee under section 9C, and
(iii)the Bank's strategy as for the time being determined by the court of directors of the Bank (including its financial stability strategy);
(b)monitoring the extent to which the objectives set by the court of directors of the Bank in relation to the Bank's financial management have been met;
(c)keeping under review the internal financial controls of the Bank with a view to securing the proper conduct of its financial affairs;
(d)the functions conferred on the [F5court of directors] by the provisions listed in subsection (4).
F6( 3 ). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)The provisions referred to in subsection (2)(d) are—
(a)section 9B (review of procedures followed by Financial Policy Committee);
(b)section 16 (review of procedures followed by Monetary Policy Committee);
(c)paragraph 14 of Schedule 1 (remuneration of Governor and Deputy Governors);
(d)paragraph 5 of Schedule 2A (terms and conditions of office of members of Financial Policy Committee appointed under section 9B(1)(e));
(e)paragraph 9 of that Schedule (removal of members of Financial Policy Committee appointed under section 9B(1)(d) or (e));
(f)paragraph 4(2) of Schedule 3 (terms and conditions of office of members of Monetary Policy Committee appointed under section 13(2)(c));
(g)paragraph 9 of that Schedule (removal of members of Monetary Policy Committee appointed under section 13(2)(b) or (c));
(h)paragraph 15 of Schedule 1ZB to the Financial Services and Markets Act 2000 (terms of service and remuneration of members of the governing body of the Prudential Regulation Authority).]
Textual Amendments
F1 Words in s. 3A heading substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(3)(e) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)
F2 Ss. 3A-3F substituted for s. 3 (1.4.2013) by Financial Services Act 2012 (c. 21) , ss. 3(2) , 122(3) (with Sch. 20 ); S.I. 2013/423 , art. 3 ,
F3 S. 3A(1) omitted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(3)(a) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)
F4 Words in s. 3A(2) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(3)(b) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)
F5 Words in s. 3A(2)(d) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(3)(c) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)
F6 S. 3A(3) omitted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(3)(d) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)