Chapter 3: Accountability of regulators FCA and PRA panels and policy statements Section 43: Cost Benefit Analysis Panels
This section will require the FCA and the PRA to establish and maintain a new statutory panel each ("the CBA Panel") which is dedicated to supporting the development of the regulators’ CBA. The regulators should consult their CBA Panel before publication of consultations on rules, except for circumstances where there is an exemption. The CBA Panels will also be able to review the regulators’ CBA methodology and processes by examining published CBAs. The CBA Panels will be on equal footing with the existing statutory panels and those panels which will be placed on a statutory footing. The regulators will each be required to appoint at least two persons from authorised firms to their panels.