(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 -

(a) its functions by virtue of section 2A of the Financial Services and Markets Act 2000 (which provides for the Bank’s functions as the Prudential Regulation Authority to be exercised by the Bank acting through the Prudential Regulation Committee), and

(b) the functions conferred on it by this Act.