(1) The Financial Policy Committee may at any time by notice to the regulator revoke a direction under section 9H.
(2) A direction under section 9H is to be taken to be revoked if the measure to which it relates ceases to be a macro-prudential measure, but this is subject to any provision made under section 9L(4)(e).
(3) The revocation of a direction under section 9H does not affect the validity of anything previously done in accordance with it.
(4) “ Regulator ” has the same meaning as in section 9H.
9K Further provisions about directions under section 9H
(1) Each of the following must be in writing—
(a) a direction under section 9H;
(b) a notice revoking such a direction;
(c) a report under section 9I(3).
(2) The Financial Policy Committee must give the Treasury a copy of any direction under section 9H or any notice revoking such a direction.
(3) The Treasury may, if they think fit, lay before Parliament a copy of a direction under section 9H or a notice revoking such a direction.
(4) Where a direction under section 9H, or a notice revoking such a direction, is included in a record published under section 9U, the Treasury must, if they have not already done so, lay before Parliament a copy of the direction or notice in the form in which it is published in the record.
(1) For the purposes of section 9H a “macro-prudential measure” is a measure prescribed by the Treasury by order.
(2) Before making an order under this section, the Treasury must—
(a) consult the Financial Policy Committee, or
(b) if the Treasury consider that the delay involved in consulting the Committee would be prejudicial to the stability of the UK financial system, consult the Governor of the Bank.
(3) In prescribing a measure, the order must specify whether the measure is prescribed in relation to the FCA, the PRA, or both.
(4) An order under this section—
(a) may make different provision for different cases;
(b) may confer a discretion on the Financial Policy Committee, the FCA or the PRA;
(c) may refer to rules made by the FCA or the PRA;
(d) may refer to a publication issued by the FCA, the PRA, another body in the United Kingdom or an international organisation, as the publication has effect from time to time;
(e) may contain transitional provisions and savings relating to the coming into force of any provision of the order or to the ceasing to be in force of any temporary provision made by the order.
9M Statements of policy by Financial Policy Committee
(1) In relation to each macro-prudential measure prescribed under section 9L, the Financial Policy Committee must prepare and maintain a written statement of the general policy that it proposes to follow in relation to the exercise of its power of direction under section 9H so far as it relates to that measure.
(2) The Committee may at any time alter or replace a statement maintained under this section.
(3) The Bank must publish each statement maintained under this section.
(4) Publication is to be in such manner as the Bank thinks fit.
(5) Nothing in this section is to be regarded as preventing the Financial Policy Committee from exercising its power of direction under section 9H in relation to a macro-prudential measure, where it considers it necessary to do so by reason of urgency, before it has prepared a statement under this section in relation to that measure.
9N Parliamentary control of orders under section 9L
(1) Except as provided by subsection (2), an order under section 9L is not to be made unless a draft of the order has been laid before and approved by resolution of each House of Parliament.
(2) An order under section 9L may be made without a draft having been laid and approved as mentioned in subsection (1) if the order contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without a draft being so laid and approved.
(3) An order under section 9L made in accordance with subsection (2)—
(a) must be laid before Parliament after being made, and
(b) ceases to have effect at the end of the relevant period unless before the end of that period the order is approved by a resolution of each House of Parliament (but without affecting anything done under the order or the power to make a new order).
(4) The “relevant period” is a period of 28 days beginning with the day on which the order is made.
(5) In reckoning the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which either House is adjourned for more than 4 days.
(1) The Financial Policy Committee may make recommendations within the Bank.
(2) The recommendations may, in particular, relate to—
(a) the provision by the Bank of financial assistance to financial institutions;
(b) the exercise by the Bank of its functions in relation to payment systems, settlement systems , clearing houses and central securities depositories.
(3) The Committee may not make recommendations about—
(a) the provision by the Bank of financial assistance in relation to a particular financial institution, or
(b) the exercise by the Bank of its powers under Parts 1 to 3 of the Banking Act 2009 or Schedule 11 to the Financial Services and Markets Act 2023 in relation to a particular institution.
(4) The recommendations must be made or confirmed in writing.
(5) Recommendations by the Committee to the PRA are to be made under section 9Q (and not under this section).
(1) The Financial Policy Committee may make recommendations to the Treasury.
(2) The recommendations may, in particular, relate to the exercise by the Treasury of their power to make orders under—
(a) section 9L (macro-prudential measures),
(b) section 22(1) or (1A) of FSMA 2000 (regulated activities),
(c) section 22A(1) of that Act (designation of activities requiring prudential regulation by PRA),
(d) section 137D(1)(b) of that Act (purposes for which FCA may make product intervention rules), or
(e) section 165A(2)(d) of that Act (additional persons who may be required by PRA to provide information).
(3) The recommendations must be made or confirmed in writing.
(4) The Committee may make a recommendation under subsection (2)(e) only if it considers that the exercise by the Treasury of their power to make an order under section 165A(2)(d) of FSMA 2000 in the manner proposed is desirable for the purposes of the exercise by the Committee of its functions.
(5) Before giving a recommendation under subsection (2)(e), the Committee must consult the Treasury.
(1) The Financial Policy Committee may make recommendations to the FCA and the PRA about the exercise of their respective functions.
(2) The recommendations may relate to all regulated persons or to regulated persons of a specified description, but may not relate to the exercise of the functions of the FCA or the PRA in relation to a specified regulated person.
(3) If the recommendations are expressed to be recommendations to which this subsection applies, the body to which they are made must as soon as reasonably practicable—
(a) act in accordance with the recommendations, or
(b) if to any extent it does not, notify the Committee of the extent to which it has not acted in accordance with the recommendations and of the reasons for its decision.
(4) The recommendations, and any notification under subsection (3)(b), must be made or confirmed in writing.
(4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) “ Regulated person ” has the same meaning as in section 9H.
(1) The Financial Policy Committee may make recommendations to persons other than those mentioned in sections 9O to 9Q.
(2) The recommendations must be made or confirmed in writing.
(1) In connection with the exercise of any of the specified powers, the Financial Policy Committee must prepare an explanation of—
(a) the reasons for the Committee's decision to exercise the power, in the way in which it is being exercised, and
(b) the Committee's reasons for believing that the exercise of the power, in the way in which it is being exercised, is compatible with the duties of the Committee under the following provisions—
(i) section 9C(1) (as read with section 9C(4)), and
(ii) section 9F.
(2) The specified powers are—
(a) the power to give a direction under section 9H;
(b) the power to make recommendations under section 9O, so far as relating to the exercise of the Bank's functions in relation to payment systems, settlement systems , clearing houses and central securities depositories ;
(c) the power to make recommendations under section 9P, so far as relating to the exercise by the Treasury of their power to make orders under any of the provisions mentioned in subsection (2) of that section;
(d) the power to make recommendations under section 9Q.
(3) The explanation required by subsection (1) in relation to the duty in section 9F(3)(a) must include an estimate of the costs and an estimate of the benefits that would arise from compliance with the direction or recommendation in question, unless in the opinion of the Committee it is not reasonably practicable to include such an estimate.
(1) The Financial Policy Committee must—
(a) before the end of each review period, review each direction given by it under section 9H, other than a direction revoked before the end of the review period, and
(b) prepare a summary of its conclusions.
(2) A review period is—
(a) in relation to the first review, the period of 12 months beginning with the day on which the direction was given, and
(b) in relation to subsequent reviews, the period of 12 months beginning with the day on which the previous review was completed.
(3) The Financial Policy Committee must maintain arrangements for the review at regular intervals of any recommendations that it has made under any of sections 9O to 9R and are of continuing relevance.
(4) The purpose of a review is—
(a) in the case of a direction, to consider whether the direction ought to be revoked, and
(b) in the case of a recommendation, to consider whether the recommendation ought to be withdrawn.
(1) The Bank must publish a record of each meeting of the Financial Policy Committee before the end of the period of 6 weeks beginning with the day of the meeting.
(2) The record must specify any decisions taken at the meeting (including decisions to take no action) and must set out, in relation to each decision, a summary of the Committee's deliberations.
(3) The decisions referred to in subsection (2) include in particular a decision—
(a) to give or revoke a direction under section 9H;
(b) to make recommendations under any of sections 9O to 9R.
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(d) made under the Capital Buffers and Macro-prudential Measures Regulations 2025 (S.I. 2025/653).
(4) Where a decision has been made to give or revoke a direction under section 9H, the record must include the text of the direction or of the notice of revocation.
(5) Where a decision has been made to make recommendations under any of sections 9O to 9R, the record must include the recommendations.
(6) Where since the previous meeting the Committee has received a notification under section 9Q(3)(b), the record must include the notification.
(7) The information required by subsections (1) and (2) does not include information identifying particular members of the Committee.
(8) Subsections (1) to (6) do not require the publication of—
(a) information about any recommendations made under 9O(2)(a);
(b) information whose publication within the time required by subsection (1) would in the opinion of the Committee be against the public interest;
(c) information about any decision under paragraph (b);
(d) information about a decision to give a direction under section 9H which has been revoked before the record of the meeting at which it was given is published;
(e) information about the decision to revoke a direction where information about the direction is withheld under paragraph (d).
(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9) Publication under this section or section 9V is to be in such manner as the Bank thinks fit.
(1) Where the Financial Policy Committee decides under subsection (8)(b) of section 9U that publication of information within the time required by subsection (1) of that section would be against the public interest—
(a) it must consider whether to fix a date as the earliest date on which the information may be published, and
(b) if it does not fix a date, it must keep under consideration the question whether publication of the information would still be against the public interest.
(2) The Committee must from time to time determine the procedures that it will follow in complying with the duty in subsection (1)(b).
(3) Where the Committee—
(a) fixes a date under subsection (1)(a) as the earliest date on which any information may be published, or
(b) decides under subsection (1)(b) that publication of any information is no longer against the public interest,
the Bank must publish the information at the time when it next publishes under section 9U(1) the record of a meeting of the Committee.
9W Financial stability reports by Financial Policy Committee
(1) The Financial Policy Committee must prepare and publish reports relating to financial stability (“financial stability reports”).
(2) Two financial stability reports must be published in each calendar year.
(3) A financial stability report must include—
(a) the Committee's view of the stability of the UK financial system at the time when the report is prepared,
(b) an assessment of the developments that have influenced the current position,
(c) an assessment of the strengths and weaknesses of the UK financial system,
(d) an assessment of risks to the stability of the UK financial system, and
(e) the Committee's view of the outlook for the stability of the UK financial system.
(4) A financial stability report must also include—
(a) a summary of the activities of the Committee in the reporting period, and
(b) an assessment of the extent to which the exercise by the Committee of its functions (both during the reporting period and previously) has succeeded during the reporting period in achieving the objectives set out in section 9C(1)(a) and (b).
(5) If during the reporting period the Committee has made any decision in relation to which section 9S requires the preparation of an explanation, the financial stability report must include the required explanation.
(6) If during the reporting period the Committee has completed the review of a direction or recommendation, the financial stability report must include a summary of the review.
(7) The reporting period is the period since the date of the previous financial stability report, except that in the case of the first financial stability report it is the period since the time when this section came fully into force.
(8) Nothing in subsections (3) to (6) is to be regarded as requiring the Committee to include in a financial stability report any information whose publication would in the Committee's opinion be against the public interest.
(9) The Committee must give a copy of each financial stability report to the Treasury.
(10) The Treasury must lay before Parliament a copy of each financial stability report.
(11) Publication of a financial stability report is to be in such manner as the Bank thinks fit.
9X Meetings between Governor and Chancellor of the Exchequer
(1) As soon as reasonably practicable after the publication by the Financial Policy Committee of a financial stability report, the Governor of the Bank and the Chancellor of the Exchequer must meet to discuss the report and any other matters relating to the stability of the UK financial system that they consider it appropriate to discuss.
(2) The Treasury must publish a record of each meeting required by subsection (1) before the end of the period of 6 weeks beginning with the day of the meeting.
(3) Publication under subsection (2) is to be in such manner as the Treasury think fit.
(4) Subsection (2) does not require the publication of information whose publication within the time required by that subsection would in the opinion of the Treasury be against the public interest.
(5) Before publishing the record of a meeting required by subsection (1), or deciding under subsection (4) not to publish such a record, the Treasury must consult the Bank about the record and its publication.
(1) The Bank may exercise the powers conferred by this section where it considers that information or documents are reasonably required in connection with the exercise by the Bank of its functions in pursuance of the Financial Stability Objective.
(2) The Bank may give a direction to the FCA requiring it —
(a) to provide the Bank with specified information or information of a specified description, or
(b) to produce to the Bank specified documents or documents of a specified description.
(3) The direction may relate to information or documents which are held by persons other than the FCA and which the FCA has power to obtain or whose production the FCA has power to require.
(4) Any information or documents to which the direction relates are—
(a) where the information or documents are held by a person in relation to whom the powers conferred by subsections (1) and (3) of section 165 of FSMA 2000 are exercisable, to be taken to be information or documents to which that section applies by virtue of subsection (4) of that section, ...
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) The information or documents must be provided or produced before the end of such period as may be specified.
(6) The Bank may require any information provided under this section to be provided in such form as it may require.
(7) The Bank may require—
(a) any information provided, whether in a document or otherwise, to be verified in such manner as it may require;
(b) any document produced to be authenticated in such manner as it may require.
9Z Further provisions about directions under section 9Y
(1) In the exercise of its functions under section 9Y, the Bank must have regard to the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction.
(2) Before giving a direction under section 9Y to the FCA ..., the Bank must consult the FCA .
(3) A direction under section 9Y must be in writing, and may be revoked by a notice in writing.
(4) As soon as practicable after giving a direction under section 9Y, the Bank must publish the direction in such manner as it thinks appropriate for bringing the direction to the attention of persons (other than the FCA ) who may be affected by it.
(5) Subsection (4) does not require the publication of information whose publication at the time required by that subsection would in the opinion of the Bank be against the public interest.
(6) Where the Bank decides under subsection (5) that publication of any information would be against the public interest, it must from time to time review that decision and if it subsequently decides that publication is no longer against the public interest it must comply with subsection (4).
In this Part—
“ the FCA ” means the Financial Conduct Authority;
“ financial assistance ” has the meaning given by section 257(1) of the Banking Act 2009;
“ the Financial Policy Committee ” means the Financial Policy Committee of the Bank of England;
“ the financial sector ” means financial institutions generally;
“ FSMA 2000 ” means the Financial Services and Markets Act 2000;
“ the PRA ” means the Prudential Regulation Authority;
“ systemic risk ” has the meaning given by section 9C(5);
“ the UK economy ” means the economy of the United Kingdom;
“ the UK financial system ” means the financial system of the United Kingdom.
In section 4(1) of the Bank of England Act 1946 (power of the Treasury to give directions to the Bank), at the end there is inserted “ , except in relation to monetary policy ”.
In relation to monetary policy, the objectives of the Bank of England shall be—
(a) to maintain price stability, and
(b) subject to that, to support the economic policy of Her Majesty’s Government, including its objectives for growth and employment.
12 Specification of matters relevant to objectives.
(1) The Treasury may by notice in writing to the Bank specify for the purposes of section 11—
(a) what price stability is to be taken to consist of, or
(b) what the economic policy of Her Majesty’s Government is to be taken to be.
(2) The Treasury shall specify under subsection (1) both of the matters mentioned there—
(a) before the end of the period of 7 days beginning with the day on which this Act comes into force, and
(b) at least once in every period of 12 months beginning on the anniversary of the day on which this Act comes into force.
(3) Where the Treasury give notice under this section they shall—
(a) publish the notice in such manner as they think fit, and
(b) lay a copy of it before Parliament.
(1) There shall be a committee of the Bank, to be known as the Monetary Policy Committee of the Bank of England, which shall have responsibility within the Bank for formulating monetary policy.
(2) The Committee shall consist of—
(a) the Governor of the Bank,
(aa) the Deputy Governor for financial stability,
(aaa) the Deputy Governor for markets and banking,
(ab) the Deputy Governor for monetary policy,
(b) one member (to be known as the Chief Economist of the Bank) appointed by the Governor of the Bank after consultation with the Chancellor of the Exchequer, and
(c) 4 members appointed by the Chancellor of the Exchequer.
(3) The member appointed under subsection (2)(b) shall be a person who carries out monetary policy analysis within the Bank.
(4) Before appointing a person under subsection (2)(c) the Chancellor of the Exchequer must—
(a) be satisfied that the person has knowledge or experience which is likely to be relevant to the Committee's functions, and
(b) consider whether the person has any financial or other interests that could substantially affect the functions as member that it would be proper for the person to discharge.
(5) Schedule 3 shall have effect with respect to the Committee.
(1) As soon as reasonably practicable after each meeting of the Monetary Policy Committee, the Bank shall publish a statement as to whether it was decided at the meeting that the Bank should take any action, other than action by way of intervening in financial markets, for the purpose of meeting its objectives under section 11 and, if it was, what the action is.
(2) If, at any meeting, the Committee decides that the Bank should intervene in financial markets, it shall also consider at the meeting whether immediate publication of the decision would be likely to impede or frustrate the achievement of the intervention’s purpose.
(3) If the Committee decides under subsection (2) that immediate publication of a decision would not have the effect mentioned there, the Bank shall, when it publishes a statement under subsection (1) about the meeting, publish a statement as to what action by way of intervening in financial markets the Committee has decided the Bank should take.
(4) If the Committee decides under subsection (2) that immediate publication of a decision would have the effect mentioned there, it shall keep under consideration the question of whether publication of the decision would still have that effect.
(5) As soon as reasonably practicable after the Committee has decided that publication of a decision which has not been the subject of a statement under subsection (3) would no longer have the effect mentioned in subsection (2), the Bank shall publish a statement as to what action by way of intervening in financial markets the Committee decided the Bank should take and when the decision was made.
(6) Publication under this section shall be in such manner as the Bank thinks fit.
(1) As soon as reasonably practicable after each meeting of the Monetary Policy Committee, the Bank shall publish minutes of the meeting ....
(2) Subsection (1) shall not apply to minutes of any proceedings relating to—
(a) a decision to intervene in financial markets, or
(b) a decision about the publication of a decision to intervene in financial markets,
unless the Committee has decided that publication of the decision to intervene would not be likely, or would no longer be likely, to impede or frustrate the achievement of the intervention’s purpose.
(3) Minutes of proceedings relating to—
(a) a decision to intervene in financial markets, or
(b) a decision about the publication of a decision to intervene in financial markets,
shall, if not required to be published as soon as reasonably practicable after the meeting, be published by the Bank as soon as reasonably practicable after a statement about the decision to intervene is published under section 14(5).
(4) Minutes published under this section shall record, in relation to any decision of the Committee, the voting preference of the members who took part in the vote on the decision.
(4A) The Bank shall exclude from minutes published under this section information which relates to proceedings of the Financial Policy Committee if the Bank considers that publication of that information would be against the public interest.
(5) Publication under this section shall be in such manner as the Bank thinks fit.
(1) The court of directors of the Bank shall keep the procedures followed by the Monetary Policy Committee under review.
(2) In particular, the court's function under subsection (1) shall include determining whether the Monetary Policy Committee has collected the regional, sectoral and other information necessary for the purposes of formulating monetary policy.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1) The Bank may by notice in writing require an undertaking to which this section applies to provide the Bank with such information as may be specified in the notice, being information about the relevant financial affairs of the undertaking which the Bank considers it necessary or expedient to have for the purposes of its functions under this Part.
(2) A notice under subsection (1) may require information to be provided—
(a) in such form or manner as may be specified in the notice;
(b) at such time or times as may be so specified;
(c) in relation to such period or periods as may be so specified.
(3) An undertaking is one to which this section applies if—
(a) it has a place of business in the United Kingdom; and
(b) it falls within subsection (3A), (3B), (3C) or (3D).
(3A) An undertaking falls within this subsection if it is a deposit-taker.
(3B) An undertaking falls within this subsection if it is not a deposit-taker but it—
(a) falls within the subsector “other monetary financial institution”, as defined by paragraph 2.48 of Annex A to Council Regulation ( EC ) No. 2223/96 ,
(b) carries on a business of granting credits secured on land used for residential purposes,
(c) has issued a debt security, or
(d) has acted as an agent in connection with arranging or managing the issue of a debt security.
(3C) An undertaking falls within this subsection if it is a financial holding company.
(3D) An undertaking falls within this subsection if it is not a deposit-taker but continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987 or a permission under Part 4A of the Financial Services and Markets Act 2000.
(4) The Treasury may by order provide which financial affairs of an undertaking are relevant for the purposes of this section, and may make different provision for different undertakings or classes of undertaking.
(5) The Treasury may by order amend subsections (3) to (3D).
(6) Before making an order under this section, the Treasury shall consult—
(a) the Bank,
(b) the Statistics Board,
(c) such persons as appear to them to be representative of persons likely to be materially affected by the order, and
(d) such other persons as they consider appropriate.
(7) “Deposit taker” means—
(a) a person who has permission under Part 4A of the Financial Services and Markets Act 2000 to accept deposits; ...
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7A) “Debt security” means any instrument creating or acknowledging indebtedness (including a government or public security).
(7B) Subsections (7) and (7A) must be read with—
(a) section 22 of the Financial Services and Markets Act 2000;
(b) any relevant order under that section; and
(c) Schedule 2 to that Act.
(7C) “Financial holding company” has the meaning given by Article 4(1)(20) of the capital requirements regulation.
(7D) “Undertaking” has the meaning given by section 1161(1) of the Companies Act 2006.
(1) The Bank shall prepare and publish reports in accordance with the provisions of this section.
(2) A report under this section shall contain—
(a) a review of the monetary policy decisions published by the Bank in the period to which the report relates,
(b) an assessment of the developments in inflation in the economy of the United Kingdom in the period to which the report relates, and
(c) an indication of the expected approach to meeting the Bank’s objectives under section 11.
(3) A report under this section shall relate to—
(a) a period of 3 months, or
(b) such other period as the Treasury and the Monetary Policy Committee may agree.
(4) Periods to which reports under this section relate shall be successive, the first such period commencing on such day within the period of 3 months ending with the day on which this Act comes into force as the Treasury shall, after consultation with the Bank, specify in writing to it.
(5) No report under this section shall be published without the approval of the Monetary Policy Committee.
(6) A report under this section shall be published as soon as reasonably practicable after the end of the period to which it relates and in such manner as the Bank thinks fit.
(1) The Treasury, after consultation with the Governor of the Bank, may by order give the Bank directions with respect to monetary policy if they are satisfied that the directions are required in the public interest and by extreme economic circumstances.
(2) An order under this section may include such consequential modifications of the provisions of this Part relating to the Monetary Policy Committee as the Treasury think fit.
(3) A statutory instrument containing an order under this section shall be laid before Parliament after being made.
(4) Unless an order under this section is approved by resolution of each House of Parliament before the end of the period of 28 days beginning with the day on which it is made, it shall cease to have effect at the end of that period.
(5) In reckoning the period of 28 days for the purposes of subsection (4), no account shall be taken of any time during which Parliament is dissolved or prorogued or during which either House is adjourned for more than 4 days.
(6) An order under this section which does not cease to have effect before the end of the period of 3 months beginning with the day on which it is made shall cease to have effect at the end of that period.
(7) While an order under this section has effect, section 11 shall not have effect.
(1) Schedule 5 (amendments of primary, and other principal, legislation consequential on the transfer of functions by section 21) shall have effect.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) If a reference in a relevant provision to the Bank is predicated on the continuing exercise by the Bank of any of the transferred functions, it shall, in relation to any time after the coming into force of this Act, have effect as a reference to the Authority.
(4) In subsection (3), “relevant provision” means a provision which—
(a) has effect before, as well as after, the coming into force of this Act, and
(b) is contained in a document other than an Act or an instrument made under an Act.
In this Part—
“the Authority” means the Financial Services Authority;
“transferred functions” means the functions transferred to the Authority by this Part.
(1) There is to be a committee of the Bank known as the Prudential Regulation Committee of the Bank of England.
(2) The Prudential Regulation Committee is to consist of—
(a) the Governor of the Bank,
(b) the Deputy Governor for financial stability,
(c) the Deputy Governor for markets and banking,
(d) the Deputy Governor for prudential regulation,
(e) the Chief Executive of the Financial Conduct Authority,
(f) one member appointed by the Governor of the Bank with the approval of the Chancellor of the Exchequer, and
(g) at least 6 members appointed by the Chancellor of the Exchequer.
(3) The functions of the Prudential Regulation Committee are—
(a) its functions by virtue of section 2A of the Financial Services and Markets Act 2000 (which provides for the Bank's functions as the Prudential Regulation Authority to be exercised by the Bank acting through the Prudential Regulation Committee), and
(b) the functions conferred on it by this Act.
(4) Schedule 6A has effect with respect to the Prudential Regulation Committee.