We have a statutory duty to maintain effective arrangements to consult practitioners and consider their representations. The panel will consider our policies and practices and provide input to the Prudential Regulation Committee to help it meet its statutory and operational objectives.
The panel is required under the Financial Services and Markets Act 2000.
The panel membership is representative of PRA approved persons. Members have been nominated by trade associations, with the composition being broadly representative of how the PRA allocates its resources. Members are independent of the firm and trade association they are drawn from.
The panel meets approximately every eight weeks and its members serve a three-year term, which is renewable at our discretion. For future recruitment, we will consult the relevant trade association(s) to secure nominations for new members.