We consult on our work with 6 independent statutory panels. Find out more about what each panel covers.
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We work with these statutory panels when developing our policies and other regulatory decisions.
Statutory panels represent the interests of consumers and practitioners, including smaller regulated firms and financial market participants.
The panels play an important role in advising and challenging us. They bring experience, support and expertise in identifying risks to the market and to consumers.
Cost Benefit Analysis Panel
The Cost Benefit Analysis Panel will be a new independent panel of experts established by the Financial Services and Markets Act 2023 (FSMA) to provide advice to the FCA in relation to cost-benefit analysis (CBA). The FCA undertakes CBA in order to analyse and estimate, where possible, the likely impacts of a policy on different groups such as industry, consumers, markets and the FCA. As well as providing transparency to the public and our stakeholders that we are using our powers appropriately, undertaking CBA helps us to understand whether our proposed interventions are likely to be effective and are proportionate to the harm we are trying to address.
We are looking for a panel consisting of a Chair, up to 5 members who will be remunerated with CBA/financial services market expertise and 2 members of FCA authorised firms (these roles are unremunerated) and we continue with the recruitment process. The FCA will consult the CBA Panel on a Statement of Policy in relation to the preparation of CBA which will be published later in 2024.
Financial Services Consumer Panel
The Financial Services Consumer Panel is an independent Panel of experts, which represents the interests of consumers of financial services including small businesses. It provides advice and challenge to the FCA in relation to its statutory duties in particular its consumer protection objective.
Practitioner Panel
The Practitioner Panel gives us external and independent input from the point of view of the industry.
Members are senior level representatives of the various sectors within which regulated financial businesses operate.
Smaller Business Practitioner Panel
The Smaller Business Practitioner Panel represents smaller regulated firms that may not have a strong voice in policymaking.
The panel is made up of senior level representatives of eligible practitioners. This includes practitioners representing firms of small or medium size within their sector, whether by:
- market capitalisation
- funds under management
- size of balance sheet
- employees
The Chair of the panel is also an ex-officio member of the Practitioner Panel. This helps to coordinate industry views and ensures that the smaller firm perspective is considered during Practitioner Panel discussions.
Markets Practitioner Panel
The Markets Practitioner Panel gives us 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. There are some specific requirements for membership listed in the legislation.