(1) FSMA 2000 is amended as follows.
(2) After section 138I insert -
"138IA FCA Cost Benefit Analysis Panel
(1) The FCA must establish and maintain a panel of persons (to be known as the "FCA Cost Benefit Analysis Panel") to provide advice in relation to cost benefit analyses for the purposes of section 138I.
(2) Except as provided by subsection (3), the FCA must consult the FCA Cost Benefit Analysis Panel about the following matters -
(a) the preparation of a cost benefit analysis under section 138I(2)(a) or (5)(a);
(b) the preparation of its statement of policy under section 138IB.
(3) The requirement to consult under subsection (2)(a) does not apply in such cases as may be set out in the statement of policy maintained under section 138IB.
(4) Arrangements made by the FCA under subsection (1) for the establishment and maintenance of the FCA Cost Benefit Analysis Panel must include arrangements for the Panel to -
(a) keep under review how the FCA is performing generally in carrying ou
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