(1) The Bank of England Act 1998 is amended as follows.

(2) After Part 3 insert -

“PART 3A PRUDENTIAL REGULATION

30A Prudential Regulation Committee

(1) There is to be a committee of the Bank known as the Prudential Regulation Committee of the Bank of England.

(2) The Prudential Regulation Committee is to consist of -

(a) the Governor of the Bank,

(b) the Deputy Governor for financial stability,

(c) the Deputy Governor for markets and banking,

(d) the Deputy Governor for prudential regulation,

(e) the Chief Executive of the Financial Conduct Authority,

(f) one member appointed by the Governor of the Bank with the approval of the Chancellor of the Exchequer, and

(g) at least 6 members appointed by the Chancellor of the Exchequer.

(3) The functions of the Prudential Regulation Committee are -