These terms of reference set out a framework for the operation of the panel.
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The regulator, which is accountable to Parliament for the delivery of its statutory objectives, recognises the importance of being transparent with stakeholders in relation to the fees charged and the quality of the regulation delivered.
In response to the statutory consultation on fees, the regulator committed to introducing a Fees and Resources Advisory Panel alongside existing stakeholder engagement arrangements.
The FRAP is an advisory body to the regulator with respect to the regulator’s fees, resources and activities.