Section 1S ReviewsF1C1
United Kingdom
The Treasury may appoint an independent person to conduct a review of the economy, efficiency and effectiveness with which the FCA has used its resources in discharging its functions.
A review may be limited by the Treasury to such functions of the FCA (however described) as the Treasury may specify in appointing the person to conduct it.
A review is not to be concerned with the merits of the FCA's general policy or principles in complying with its general duties under section 1B(1) and (4) F2....
On completion of a review, the person conducting it must make a written report to the Treasury—
setting out the result of the review, and
making such recommendations (if any) as the person considers appropriate.
A copy of the report must be—
laid before Parliament, and
published in such manner as the Treasury consider appropriate.
Any expenses reasonably incurred in the conduct of the review are to be met by the Treasury out of money provided by Parliament.
“Independent” means appearing to the Treasury to be independent of the FCA.
Annotations
Textual amendments
- 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.
- F2
Words in s. 1S(3) omitted (1.1.2019) by virtue of Financial Guidance and Claims Act 2018 (c. 10), s. 37(5), Sch. 3 para. 10; S.I. 2018/1330, reg. 2(g)(ii)
Modifications
- C1
S. 1S applied (with modifications) (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 1 para. 2(2)(b) (with art. 3)