F1PART 9ARules and Guidance
CHAPTER 2Rules: modification, waiver, contravention and procedural provisions
Procedural provisions
138IAFCA Cost Benefit Analysis Panel
(1)
The FCA must establish and maintain a panel of persons (to be known as the “FCA Cost Benefit Analysis Panel”) to provide advice in relation to cost benefit analyses for the purposes of section 138I.
(2)
Except as provided by subsection (3), the FCA must consult the FCA Cost Benefit Analysis Panel about the following matters—
(a)
the preparation of a cost benefit analysis under section 138I(2)(a) or (5)(a);
(b)
the preparation of its statement of policy under section 138IB.
(3)
The requirement to consult under subsection (2)(a) does not apply in such cases as may be set out in the statement of policy maintained under section 138IB.
(4)
Arrangements made by the FCA under subsection (1) for the establishment and maintenance of the FCA Cost Benefit Analysis Panel must include arrangements for the Panel to—
(a)
keep under review how the FCA is performing generally in carrying out its duties under section 138I(2)(a) and (5)(a), and
(b)
provide to the FCA whatever recommendations the Panel thinks appropriate as a result of such review.
(5)
The FCA must appoint one of the members of the FCA Cost Benefit Analysis Panel to be the chair of the Panel.
(6)
The Treasury’s approval is required for the appointment or dismissal of the chair.
(7)
The FCA must appoint to the FCA Cost Benefit Analysis Panel such persons with knowledge or experience of the preparation of cost benefit analyses as it considers appropriate.
(8)
The FCA must appoint to the FCA Cost Benefit Analysis Panel at least two individuals who are employed by persons authorised for the purposes of this Act by the FCA, with each one being employed by a different person.
(9)
The FCA may appoint to the FCA Cost Benefit Analysis Panel such other persons as it considers appropriate.
(10)
Subsections (7) to (9) are subject to section 1MA.
(11)
The FCA must consider representations that are made to it by the FCA Cost Benefit Analysis Panel.
(12)
The FCA must from time to time publish in such manner as it thinks fit responses to the representations.