Discover what our range of statutory panels do.
We are required to consult on the impact of our work with four independent statutory panels. These panels represent the interests of consumers and practitioners, including smaller regulated firms and financial market participants.
They play a welcome role in both advising and challenging us, and bring a depth of experience, support and expertise in identifying risks to the market and to consumers. We consider their views when developing our policies and when deciding and implementing other regulatory interventions. The Panels are:
Financial Services Consumer Panel
The Financial Services Consumer Panel monitors how far we fulfil our statutory objectives in relation to consumers. It is independent and free to publish its views on our work and to commission research on consumers’ views.
The Practitioner Panel provides us with external and independent input from the point of view of the industry as a whole.
Members are senior level representatives of each of the major regulated sectors. There is a close relationship and some overlapping of membership with the Markets Panel. In addition, the Chairman of the Smaller Business Practitioner Panel is also an ex-officio member of the Practitioner Panel.
Smaller Business Practitioner Panel
The Smaller Business Practitioner Panel represents smaller regulated firms, who may otherwise not have a strong voice in policy making.
Senior level representatives of eligible practitioners serve on this panel. Eligible practitioners are: ‘practitioners representing firms of small or medium size within their sector – whether by market capitalisation, funds under management, size of balance sheet and employees etc.’
The Chairman of this panel is also an ex-officio member of the Practitioner Panel. This helps to coordinate the industry views, and ensure that the smaller firm perspective is considered during Practitioner Panel deliberations.
Markets Practitioner Panel
The Markets Practitioner Panel provides us with external and independent input from the point of view of financial market participants.
Members of the Panel are senior level representatives of sectors participating in financial markets, with some specific requirements for membership in the legislation. There is a close relationship and some overlapping of membership with the Practitioner Panel, to help provide a coordinated industry view.