(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) [Paragraph requires commencement]
(b) the preparation of its statement of policy under section 138IB.
(3) [Subsection requires commencement]
(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 out its duties under section 138I(2)(a) and (5)(a), and
(b) provide to the FCA whatever recommendations the Panel thinks appropriate as a result of such review.
(5) The FCA must appoint one of the members of the FCA Cost Benefit Analysis Panel to be the chair of the Panel.
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