delete The Bank of England and Financial Services Act 2016 (Commencement No. 3) Regulations 2016
These Regulations are a commencement instrument that brought various provisions of the Bank of England and Financial Services Act 2016 into force on 6th July 2016. The provisions include: governance changes to the Bank of England's court of directors and committees (Financial Policy Committee, Monetary Policy Committee), abolition of the Oversight Committee, Financial Conduct Authority appointment and governance changes, pension/annuity advice requirements, and provisions on banks issuing banknotes in Scotland and Northern Ireland.
This is a commencement regulation that merely activated provisions already enacted by Parliament in primary legislation. It has been in force since July 2016 and any review should target the underlying substantive provisions in the Act itself, not a timing mechanism. As a purely procedural commencement instrument with no independent regulatory force, retaining this SI serves no purpose.