The Practitioner Panel and the Insurance Practitioner Panel are established under the Financial Services and Markets Act 2000 to represent the interests of practitioners.
We have a statutory duty to maintain effective arrangements to consult practitioners and consider their representations.
The Panels will consider our policies and practices and provide input to the PRA to help it meet its statutory objectives. The Practitioner Panel is consulted on the PRA’s general policies and practices (relating to either banking or banking and insurance). The Insurance Practitioner Panel provides a dedicated forum to discuss the PRA’s policies and practices related to the insurance sector only. Information is shared between the Panels. When appropriate, members of the Panels report informally to industry on their work.
The membership of the Panels is broadly representative of PRA approved persons and market participants. The members of the Panels have been nominated by trade associations and market participants, with the composition being broadly representative of how the PRA allocates its resources. Members are independent of the firm, trade association, or market participant they are drawn from.
Members of each Panel serve a three-year term, which is renewable at our discretion. The Practitioner Panel meets approximately every eight weeks and the Insurance Practitioner Panel meets approximately every four months. For future recruitment for both Panels, we will consult the relevant trade association(s) and market participant(s) to secure nominations for new members.