As a newly established Panel, the way in which the Panel will carry out reviews and provide advice to the FCA and PSR will be subject to consultation with the Panel once appointed and subject to recruitment we expect the Panel to be operational in Q2/3 2024.
The panel will consist of a chair and panel members. These will be senior level specialists with a mix of CBA experts, those with experience in Financial Services and Economists with at least two individuals employed by FCA-Authorised firms.
Members are formally appointed by the FCA Board and the Chair must also have the formal approval of the Treasury. The FCA has adopted diversity targets for its independent panels reflecting those it introduced in April 2022 for the board and executive management of listed companies.
The Panel will be supported by a secretariat and will involve close working with the FCA to plan the Panel’s work and manage engagement.