Law

The Financial Services and Markets Act 2023 (Panel Remuneration and Reports) Regulations 2023

United Kingdom · regulation

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In force since 2023-12-26, as the publisher states.

Copy read on 2026-11-10. The page it was read from

Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.

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Contents: 4 provisions
  1. Title and introductory text
  2. 1 Citation, commencement, extent and interpretation
  3. 2 Panel member remuneration
  4. 3 Panel annual reports

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4 provisions

Title and introductory text

2023 No. 1273 Financial Services The Financial Services and Markets Act 2023 (Panel Remuneration and Reports) Regulations 2023 Made 27th November 2023 Laid before Parliament 28th November 2023 Coming into force 26th December 2023 The Treasury make the following Regulations in exercise of the powers conferred by sections 1MA(2) and (3), 2LA(2) and (3) and 428(3) of the Financial Services and Markets Act 2000, sections 103(5B) and (5C) and 142(3) of the Financial Services (Banking Reform) Act 2013 and sections 47(1) and 84(2) of the Financial Services and Markets Act 2023.

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1 Citation, commencement, extent and interpretation

(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Panel Remuneration and Reports) Regulations 2023. (2) These Regulations come into force on 26th December 2023. (3) These Regulations extend to England and Wales, Scotland and Northern Ireland. (4) In these Regulations— “the 2000 Act” means the Financial Services and Markets Act 2000; “the 2013 Act” means the Financial Services (Banking Reform) Act 2013; “the 2023 Act” means the Financial Services and Markets Act 2023.

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2 Panel member remuneration

(1) Section 1MA(1) of the 2000 Act (composition of Panels) does not apply in relation to— (a) a member of the panel established under section 1O of the 2000 Act (the Smaller Business Practitioner Panel) who— (i) only receives remuneration from the FCA for their work on the panel established under section 1O of the 2000 Act, or (ii) in addition to the remuneration described in paragraph (i), receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act (regulator’s general duty to consult), (b) a member of the panel established under section 1Q of the 2000 Act (the Consumer Panel) who— (i) only receives remuneration from the FCA for their work on the panel established under section 1Q of the 2000 Act, or (ii) in addition to the remuneration described in paragraph (i), receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act, (c) a member of the panel established under section 138IA of the 2000 Act (FCA Cost Benefit Analysis Panel) who is not appointed under section 138IA(8) and— (i) only receives remuneration from the FCA for their work on the panel established under section 138IA of the 2000 Act, or (ii) in addition to the remuneration described in paragraph (i), receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act. (2) Section 2LA(1) of the 2000 Act (composition of Panels) does not apply in relation to a member of the panel established under section 138JA of the 2000 Act (PRA Cost Benefit Analysis Panel) who is not appointed under section 138JA(8) and— (a) only receives remuneration from the PRA for their work on the panel established under section 138JA of the 2000 Act, or (b) in addition to the remuneration described in paragraph (a), receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act. (3) Section 103(5A) of the 2013 Act does not apply in relation to a member of the panel established under section 103(3) of the 2013 Act who— (a) only receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act, (b) in addition to the remuneration described in paragraph (a), receives remuneration from the FCA or the PRA for their work on a panel established under sections 1O, 1Q, 138IA or 138JA of the 2000 Act, or (c) who is remunerated by the FCA or the PRA, and— (i) is not an employee of the FCA or the PRA for the purposes of section 230 of the Employment Rights Act 1996 (definition of employees, workers etc.), (ii) only receives remuneration from the Payment Systems Regulator for their work on the panel established under section 103(3) of the 2013 Act, and (iii) does not receive remuneration from the FCA or the PRA for their work on a panel established under sections 1O, 1Q, 138IA or 138JA of the 2000 Act.

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3 Panel annual reports

(1) The following statutory panels of the regulator must produce an annual report on their work and provide that report to Treasury in accordance with section 47(1) of the 2023 Act (panel reports)— (a) the panel established under section 1Q of the 2000 Act (the Consumer Panel); (b) the panel established under section 138IA of the 2000 Act (FCA Cost Benefit Analysis Panel); (c) the panel established under section 138JA of the 2000 Act (PRA Cost Benefit Analysis panel). (2) The first of the annual reports referred to in paragraph (1) must be made within one year of the date upon which these Regulations come into force.

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