{
  "url": "https://openlegislation.uk/bank-of-england-act-1998/section-3A",
  "json_url": "https://openlegislation.uk/bank-of-england-act-1998/section-3A.json",
  "legislation": "ukpga/1998/11",
  "legislation_title": "Bank of England Act 1998",
  "legislation_url": "https://openlegislation.uk/bank-of-england-act-1998",
  "path": "section/3A",
  "kind": "section",
  "number": "3A.",
  "heading": "Oversight functions of court of directors",
  "text": "( 1 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(2) The oversight functions of the court of directors are—\n(a) keeping under review the Bank's performance in relation to—\n(i) the Bank's objectives (that is, the objectives specified in relation to it in this Act , the objectives specified in relation to the Prudential Regulation Authority in Part 1A of the Financial Services and Markets Act 2000 and the other objectives for the time being determined by the court of directors of the Bank),\n(ii) the duty of the Financial Policy Committee under section 9C, ...\n(iii) the Bank's strategy determined under section 2,\n(iv) the Bank's financial stability strategy determined under section 9A, and\n(v) the strategy of the Prudential Regulation Authority determined under section 2E of the Financial Services and Markets Act 2000;\n(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;\n(c) keeping under review the internal financial controls of the Bank with a view to securing the proper conduct of its financial affairs;\n(d) the functions conferred on the court of directors by the provisions listed in subsection (4).\n( 3 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(4) The provisions referred to in subsection (2)(d) are—\n(a) section 9B (review of procedures followed by Financial Policy Committee);\n(b) section 16 (review of procedures followed by Monetary Policy Committee);\n(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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 ,"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 3A(2)(a)(i) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 4(2)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Word in s. 3A(2)(a)(ii) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 4(2)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Ss. 3A(2)(a)(iii)-(v) substituted for s. 3A(2)(a)(iii) (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 4(2)(c) (with Sch. 3); S.I. 2017/43, reg. 2(g)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Ss. 3A(4)(c)-(h) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 4(3) (with Sch. 3); S.I. 2017/43, reg. 2(g)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "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)"
    }
  ],
  "outstanding_effects": [
    {
      "type": "words inserted",
      "affecting": "ukpga/2016/14",
      "affecting_title": "Bank of England and Financial Services Act 2016"
    },
    {
      "type": "word omitted",
      "affecting": "ukpga/2016/14",
      "affecting_title": "Bank of England and Financial Services Act 2016"
    },
    {
      "type": "substituted for s. 3A(2)(a)(iii)",
      "affecting": "ukpga/2016/14",
      "affecting_title": "Bank of England and Financial Services Act 2016"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2016/14",
      "affecting_title": "Bank of England and Financial Services Act 2016"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1998/11/section/3A",
    "retrieved_at": "2026-10-29T09:23:10.863404+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}