About us
The Practitioner Panel received statutory status under the Financial Services and Markets Act 2000
The goal was to create a high-level body, which would represent the views and interests of regulated firms in the regulatory decision-making process, and monitor the regulator's effectiveness.
The Financial Services and Markets Act 2000 granted the consolidated financial markets regulator, the Financial Services Authority (FSA), considerable powers. As part of its accountability framework, the FSA was required to set up and maintain 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.
In 1999 the FSA also set up the Smaller Businesses Practitioner Panel to represent the views and interests of smaller regulated firms. Its Chairman is also an ex officio member of the Practitioner Panel.
