Financial Services & Markets Act
The Financial Services and Markets Act 2000 granted the consolidated financial markets regulator, the Financial Services Authority (FSA), considerable powers.
As part of its checks and balances system, it set up two statutory bodies – the Practitioner Panel and the Consumer Panel – to monitor the regulator's activities, ensuring that both buyers and sellers of financial products have a voice in the regulatory process.
Arrangements for consulting practitioners and consumers - Taken from Part I of the Financial Services and Markets Act 2000
The Authority’s general duty to consult |
8. The Authority must make and maintain effective arrangements for consulting practitioners and consumers on the extent to which its general policies and practices are consistent with its general duties under section 2. |
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The Practitioner Panel |
9.(1) Arrangements under section 8 must include the establishment and maintenance of a panel of persons (to be known as 'the Practitioner Panel') to represent the interests of practitioners. (2) The Authority must appoint one of the members of the Practitioner Panel to be its chairman. (3) The Treasury's approval is required for the appointment or dismissal of the chairman. (4) The Authority must have regard to any representations made to it by the Practitioner Panel. (5) The Authority must appoint to the Panel such -
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Duty to consider representations by the Panels |
11.(1) This section applies to a representation made, in accordance with arrangements made under section 8, by the Practitioner Panel or by the Consumer Panel. (2) The Authority must consider the representation. (3) If the Authority disagrees with a view expressed, or proposal made, in the representation, it must give the Panel a statement in writing of its reasons for disagreeing. |
Financial Services and Markets Act 2000