11 Examinations and reviews
Bank of England and Financial Services Act 2016 (2016 c 14) | Legislation

11  Examinations and reviews

In the Bank of England Act 1998, after section 7C (inserted by section 10) insert—

“7D Examination by Comptroller and Auditor General

(1)     The Comptroller and Auditor General (“the Comptroller”) may carry out examinations into—

(a)     the economy, efficiency and effectiveness with which the Bank has used its resources in discharging its functions;

(b)     the economy, efficiency and effectiveness with which a Bank company has used its resources in discharging its functions.

(2)     An examination under this section may be limited to such functions (however described) of the Bank or the Bank company as the Comptroller considers appropriate.

(3)     An examination under this section is not to be concerned with the merits of the Bank's policy objectives.

(4)     An examination under this section is not to be concerned with the merits of—

(a)     policy decisions taken by the Financial Policy Committee, the Monetary Policy Committee or the Prudential Regulation Committee;

(b)     policy decisions taken by a committee or other body within the Bank for the time being having responsibilities for the supervision of payment systems, settlement systems or clearing houses, so far as the decisions relate to that supervision.

(5)     Subject to subsection (6), an

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