Part 1: The Bank of England Section 3: Abolition of Oversight Committee
This section gives the oversight functions previously delegated to the Oversight Committee (a sub-committee of the court) to the court itself. The oversight functions are listed in section 3A of the 1998 Act, which this Act amends. The section also removes the requirement for there to be an Oversight Committee. However, the non-executive directors retain the right to arrange for reviews (including performance reviews) if they consider that this would assist the court in the exercise of its oversight functions. Where necessary, the non-executive directors can act by majority to arrange such a review.