Note by Mr David Challen, Chairman, the
FSA Practitioners Forum
At the hearing of the Joint Committee which
I recently attended I was invited to suggest ways in which the
FSA's relationship with the Practitioner Panel might be described
in the Bill.
I would propose something along the following
"Before proposing new, or revisions to existing,
policies and/or associated principles or rules, which could have
a material impact on regulated firms, the FSA will consult the
Practitioner Panel. Where it decides not to follow any formal
guidance offered by the Practitioner Panel, the FSA will report
its reasons for so deciding to the Practitioner Panel and in the
FSA's Annual Report."
16 April 1999