New objectives and regulatory principles Regulator engagement with HM Treasury, external stakeholders, and Parliament Accountability to Parliament
The Act inserts a new provision in Schedules 1ZA and 1ZB to FSMA 2000 that requires the FCA and the PRA to notify the chairs of relevant Parliamentary Committees that a relevant consultation has been issued. For the PSR, an equivalent amendment is made via a new provision in Schedule 4 to the Financial Services (Banking Reform) Act 2013 (FSBRA 2013).
	Where the FCA or the PRA issue a public consultation and a Committee of the House of Commons or the House of Lords or a joint Committee of both Houses has provided to the FCA or the PRA representations in response to the consultation, the new provision in Schedules 1ZA and 1ZB requires the FCA and the PRA to respond in writing to the representations. For the PSR, an equivalent obligation to respond to Parliament is created in the new provision of Schedule 4 to FSBRA 2013.