Chapter 3: Accountability of regulators FCA and PRA engagement Section 38: Engagement with Parliamentary Committees
This section amends FSMA 2000 to require the FCA and the PRA to notify the Treasury Select Committee, a relevant Lords committee, and a relevant joint committee when the regulators publish a consultation on any matter and that they must respond to any Parliamentary Committee that has responded to a consultation published by the regulators.
	Subsection (2) amends Part 4 of Schedule 1ZA to FSMA 2000. Subsection (2) inserts paragraph 28 into Part 4 and sets out the requirement for the FCA to notify the relevant Parliamentary committees when it publishes a consultation. It also sets out that the relevant committee of the House of Lords and the relevant joint committee are committees that have been charged with responsibility for the purposes of the paragraph, and which have informed the FCA of this.
	Subsection (2) also inserts paragraph 29 into Part 4 of Schedule 1ZA to FSMA 2000 which sets out the requirement that the FCA must respond to any Parliamentary Committee that has responded to a consultation published by the regulators. The qualification in new paragraph 29(5) that the FCA does not need to supply any information that they consider is against the public interest operates only as a qualification of the new statutory duty itself. It does not purport to speak for any wider purpose (and, therefore does not purport to limit the inherent jurisdiction of Parliament to require the production of papers or to summon witnesses).
	Subsection (3) inserts paragraph 36 into Part 4 of Schedule 1ZB to FSMA 2000 and sets out the requirement for the PRA to notify the relevant Parliamentary committees when it publishes a consultation. It also sets out that the relevant committee of the House of Lords and the relevant joint committee are committees that have been charged with responsibility for the purposes of the paragraph, and which have informed the PRA of this.
	The qualification in new paragraph 36(5) that the PRA does not need to supply any information that they consider is against the public interest operates only as a qualification of the new statutory duty itself. It does not purport to speak for any wider purpose (and therefore does not purport to limit the inherent jurisdiction of Parliament to require the production of papers or to summon witnesses).
	Subsection (3) also inserts paragraph 37 into Part 4 of Schedule 1ZB to FSMA 2000 which sets out the requirement that the PRA must respond to any Parliamentary Committee that has responded to a consultation published by the regulators.