(1) Following a bank insolvency order a liquidation committee must be established, for the purpose of ensuring that the bank liquidator properly exercises the functions under this Part.

(2) The liquidation committee is to consist initially of  -

(a) two individuals nominated by the Bank of England,

(b) one individual nominated by the PRA,

(c) one individual nominated by the FCA, and

(d) one individual nominated by the FSCS.

(3) The bank liquidator must report to the liquidation committee about any matter -

(a) on request, or

(b) which the bank liquidator thinks is likely to be of interest to the liquidation committee.

(4) In particular, the bank liquidator -

(a) must keep the liquidation committee informed of progress towards Objective 1 in section 99, and