F1PART 1AThe Regulators

Annotations:
Amendments (Textual)
F1

Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 6(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.

CHAPTER 2The Prudential Regulation Authority

Reviews

2OReviews

1

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

2

A review may be limited by the Treasury to such functions of the PRA (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 PRA's general policy or principles in pursuing the PRA's objectives.

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 the person considers appropriate.

5

A copy of the report must be—

a

laid before Parliament, and

b

published in such manner as the Treasury consider appropriate.

6

Any expenses reasonably incurred in the conduct of the 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 PRA.