Chapter 3: Accountability of regulators FCA and PRA engagement Section 35: Responses to recommendations of HM Treasury
This section amends section 1JA of FSMA 2000 and section 30B of the Bank of England Act 1998, respectively, to require annual responses from the FCA and the Prudential Regulation Committee to HM Treasury recommendations.
	Section 33(2) inserts subsection (2A) into section 1JA of FSMA 2000 which requires the FCA and the Prudential Regulation Committee to respond to the recommendations explaining the action that the relevant regulator has taken or intends to take in accordance with the recommendation, or the reasons why the relevant regulator has not acted or does not intend to act in accordance with the recommendation.
	Section 33(2) inserts subsection (2B) and (2C) into section 1JA of FSMA 2000 to make this requirement annual.
	Section 33(2) also inserts subsection (2D) into section 1JA of FSMA 2000 to remove the requirement where HM Treasury has notified the FCA in writing that an update (or further update) is not required.
	Section 33(2) inserts subsection (2E) into section 1JA of FSMA 2000 to allow the FCA to withhold information where its publication would be against the public interest.
	Section 33(4) does the same for the Prudential Regulation Committee as section 33(2) does for the FCA.
	Schedule 7 to this Act inserts corresponding provisions into FSBRA 2013 in relation to the PSR.