Moved by
Lord Lawson of Blaby
92: Before Clause 16, insert the following new Clause—
“Meetings between regulators and bank auditors
(1) The FCA and the PRA must make arrangements to meet the auditors of each bank at least twice in each calendar year.
(2) The FCA and the PRA may conduct meetings under subsection (1) jointly or separately (but each bank’s auditors must be met separately).
(3) The purpose of each meeting is to discuss matters about which the FCA or the PRA believe that the auditors may have views or information.
(4) A bank has a duty to ensure that its auditors attend meetings in accordance with this section (and compliance with that duty may be considered for purposes of the exercise of functions under FSMA 2000).”