Part IThe Regulator

Reviews

12Reviews

1

The Treasury may appoint an independent person to conduct a review of the economy, efficiency and effectiveness with which the Authority has used its resources in discharging its functions.

2

A review may be limited by the Treasury to such functions of the Authority (however described) as the Treasury may specify in appointing the person to conduct it.

3

A review is not to be concerned with the merits of the Authority’s general policy or principles in pursuing regulatory objectives or in exercising functions under Part VI.

4

On completion of a review, the person conducting it must make a written report to the Treasury—

a

setting out the result of the review; and

b

making such recommendations (if any) as he considers appropriate.

5

A copy of the report must be—

a

laid before each House of Parliament; and

b

published in such manner as the Treasury consider appropriate.

6

Any expenses reasonably incurred in the conduct of a review are to be met by the Treasury out of money provided by Parliament.

7

“Independent” means appearing to the Treasury to be independent of the Authority.