The FCA Practitioner Panel (the Panel) was established at the same time as the Financial Conduct Authority (FCA), on 1 April 2013. The Panel’s remit is similar to that of the previous FSA’s Financial Services Practitioner Panel, and the majority of members transferred across at Legal Cut Over.
The FCA has a statutory duty to establish and consult the Panel on the extent to which its policies and practices are consistent with its general duties.
The Panel’s key remit is to represent the interests of practitioners of larger firms, and to provide input to the FCA from the industry in order to help it in meeting its statutory and operational objectives in an effective manner.
The Panel sees its main role as being that of a ‘critical friend' of the FCA. It aims to speak across all sectors in offering input at a strategic level on important policy issues.
The Panel Chairman meets regularly with the Chairman and Chief Executive of the FCA. These meetings provide an opportunity to discuss issues of particular importance and to raise emerging concerns. The Panel also submits a monthly report to the FCA Board, to highlight specific fundamental points raised in the course of its monthly meetings.
The Panel’s Annual Report will normally be the subject of a formal presentation to the FCA Board and there are frequent informal and ad hoc contacts between Panel members and Directors and senior executives of the FCA.
The Panel takes care to ensure it does not duplicate the important work of the trade associations in representing the views of their members. The associations have the staff and resources to promote the interests of their respective members in response to the impact of FCA policies on the sector they represent.
At the same time, the Panel retains close links with the trade associations through regular meetings between Panel representatives and trade body officials. In addition, individual Panel members often have close links with the respective trade association representing their sector. This ensures that the Panel is properly sighted on trade association views and can include them in its deliberations.