Moved by
Lord Lawson of Blaby
180: After Clause 120, insert the following new Clause—
“Miscellaneous
Meetings between regulators and auditors of relevant authorised persons
(1) The FCA and the PRA must make arrangements to meet the auditors of each relevant authorised person at least twice in each calendar year.
(2) The FCA and the PRA may conduct meetings under subsection (1) jointly or separately (but each relevant authorised person’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 relevant authorised person 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).
(5) In this section, “relevant authorised person” has the meaning given in section 71A of FSMA 2000.”