{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2023-panel-remuneration-and-reports-regulations-2023/note",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2023-panel-remuneration-and-reports-regulations-2023/note.json",
  "legislation": "uksi/2023/1273",
  "legislation_title": "The Financial Services and Markets Act 2023 (Panel Remuneration and Reports) Regulations 2023",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2023-panel-remuneration-and-reports-regulations-2023",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations permit the FCA, the PRA and the Payment Systems Regulator to remunerate members of certain of their statutory panels and require specified statutory panels of the FCA and the PRA to make annual reports to the Treasury.\nA person who receives remuneration from the FCA, the PRA, the Payment Systems Regulator, the Bank of England or the Treasury is disqualified under sections 1MA(1) and 2LA(1) of the Financial Services and Markets Act 2000 (c. 8) and section 103(5A) of the Financial Services (Banking Reform) Act 2013 (c. 33) as inserted by section 46 of the Financial Services and Markets Act 2023 (c. 29) from being appointed as a member of any of the FCA’s or PRA’s statutory panels or the Payment Systems Regulator panel. Regulation 2 makes limited exceptions to these disqualifications for members of certain statutory panels established by the FCA, the PRA and the Payment Systems Regulator who receive remuneration for their panel work. The relevant panels are the FCA Smaller Business Practitioner Panel, the FCA Consumer Panel, the FCA and PRA Cost Benefit Analysis Panels and the Payment Systems Regulator panel.\nRegulation 3(1) requires the FCA Consumer Panel, the FCA Cost Benefit Analysis Panel and the PRA Cost Benefit Analysis Panel to make annual reports on their work to the Treasury. Regulation 3(2) provides that the first of these reports must be made within one year of these Regulations coming into force.\nA full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2023/1273/note",
    "retrieved_at": "2026-10-28T21:38:01.613861+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."
}