The Practitioner Panel and Insurance Sub-committee 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 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 Sub-committee has been formed to provide a dedicated forum to discuss the PRA’s policies and practices related to the insurance sector. The creation of the Sub-committee was announced by Sam Woods in February 2018, and the Panel met for the first time in July 2018. Information is shared between the Sub-committee and the Practitioner Panel, and the Sub-committee contributes to the Practitioner Panel’s annual report. When appropriate, members of the Sub-committee report informally to industry on its work.
The Practitioner Panel membership is representative of PRA approved persons. The Practitioner Panel and Insurance Sub-committee members 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.
The Practitioner Panel meets approximately every eight weeks and its members serve a three-year term, which is renewable at our discretion. The Insurance Sub-committee meets approximately every four months and its members serve a three-year term which is renewable at our discretion. For future recruitment for both the Practitioner Panel and Sub-committee, we will consult the relevant trade association(s) and market participant(s) to secure nominations for new members.