New objectives and regulatory principles Regulator engagement with HM Treasury, external stakeholders, and Parliament Engagement with stakeholders Appointment of external persons to statutory panels
Section 1M of FSMA 2000 requires the FCA to make and maintain effective arrangements for consulting practitioners and consumers on the extent to which its general policies and practices are consistent with its general duties. In order to satisfy this requirement, the FCA has the following statutory panels:
The FCA Practitioner Panel (set out in section 1N of FSMA);
The Smaller Business Practitioner Panel (set out in section 1O of FSMA);
The Markets Practitioner Panel (set out in section 1P of FSMA);
The Consumer Panel (set out in section 1Q of FSMA);
The Listing Authority Advisory Panel (new section 1QA of FSMA, inserted by section 41 of the Act); and
FCA Cost Benefit Analysis Panel (new section 138IA of FSMA, inserted by section 43(2) of the Act).
	The members of the panels listed above are appointed by the FCA. The Act introduces a provision (new section 1MA of FSMA) which means that persons who receive remuneration from the FCA, PRA, the Bank, PSR or HM Treasury are disqualified from being appointed as a member of a statutory panel. This will capture anyone who is completing work for the regulators or HM Treasury but will not capture those who only receive expenses.
	"Remuneration" is not defined in this new section because the default position in other legislation is that a reference to "remuneration" does not include expenses – see for example, paragraph 7 of Schedule 1 to the Advanced Research and Invention Agency Act 2022.
	The Act provides HM Treasury with a power to make regulations to exempt a panel generally or in relation to such descriptions of persons or cases as the regulations may specify. These regulations will be subject to the negative procedure.
	Section 2L of FSMA 2000 requires the PRA to make and maintain effective arrangements for consulting PRA-authorised persons, or persons who represent the interest of such persons, on the extent to which its general policies and practices are consistent with its general duties. In order to satisfy this requirement, the PRA has the following statutory panels:
The PRA Practitioner Panel (set out in section 2M of FSMA);
The Insurance Practitioner Panel (new section 2MA of FSMA inserted by section 42 of this Act); and
PRA Cost Benefit Analysis Panel (new section 138JA of FSMA inserted by section 43(3) of this Act).
	The members of the panels listed above are appointed by the PRA. The Act introduces a provision (new section 2LA of FSMA) which means that persons who receive remuneration from the FCA, PRA, the Bank, PSR or HM Treasury are disqualified from being appointed as a member of a statutory panel. This will capture anyone who is completing work for the regulators or HM Treasury but will not capture those who only receive expenses.
	"Remuneration" is not defined in this new section because the default position in other legislation is that a reference to "remuneration" does not include expenses – see for example, paragraph 7 of Schedule 1 to the Advanced Research and Invention Agency Act 2022.
	The Act provides HM Treasury with a power to make regulations to exempt a panel generally or in relation to such descriptions of persons or cases as the regulations may specify. These regulations will be subject to the negative procedure.
	Section 103(1) of FSBRA 2013 requires the PSR to make and maintain effective arrangements for consulting relevant persons on certain specified areas.
	Section 103(3) of FSBRA requires the PSR to establish and maintain one or more panels to represent the interests of relevant persons. In order to satisfy this requirement, the PSR has established the Payment Systems Regulator Panel.
	The members of the Payment Systems Regulator Panel are appointed by the PSR. The Act introduces a new provision in section 103 which means that persons who receive remuneration from the FCA, PRA, the Bank, PSR or HM Treasury are disqualified from being appointed as a member of a statutory panel. This will capture anyone who is completing work for the regulators or HM Treasury but will not capture those who only receive expenses.
	"Remuneration" is not defined in this section because the default position in other legislation is that a reference to "remuneration" does not include expenses – see for example, paragraph 7 of Schedule 1 to the Advanced Research and Invention Agency Act 2022.
	The Act provides HM Treasury with a power to make regulations to exempt a panel generally or in relation to such descriptions of persons or cases as the regulations may specify. These regulations will be subject to the negative procedure.