(1) Section 1JA of FSMA 2000 (recommendations by Treasury in connection with general duties) is amended in accordance with subsections (2) and (3).
(2) After subsection (2) insert -
"(2A) The FCA must respond to each recommendation made to it under subsection (1) by notifying the Treasury in writing of -
(a) action that the FCA has taken or intends to take in accordance with the recommendation, or
(b) the reasons why the FCA has not acted or does not intend to act in accordance with the recommendation.
(2B) The notice under subsection (2A) must be given before the end of 12 months beginning with the date the notice containing the recommendation was given under subsection (1).
(2C) Where the FCA has given notice under subsection (2A) in relation to a recommendation, the FCA must by notice in writing update the Treasury on the matters mentioned in subsection (2A)(a) and (b) before the end of each subsequent period of 12 months.
(2D) Subsection (2C) does not apply if the Treasury have not
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