The Treasury may appoint an independent person to conduct a review of the economy, efficiency and effectiveness with which the FCA has used its resources in discharging its functions.
A review may be limited by the Treasury to such functions of the FCA (however described) as the Treasury may specify in appointing the person to conduct it.
A review is not to be concerned with the merits of the FCA's general policy or principles in complying with its general duties under section 1B(1) and (4) ....
On completion of a review, the person conducting it must make a written report to the Treasury—
A copy of the report must be—
Any expenses reasonably incurred in the conduct of the review are to be met by the Treasury out of money provided by Parliament.
"Independent" means appearing to the Treasury to be independent of the FCA.