Transport For London
Transport for London (TfL) was created in 2000 as the integrated body responsible for London's transport system. It replaced London Regional Transport. It assumed control of London Underground Limited in July 2003.
TfL is part of the Greater London Authority and is constituted as a statutory corporation regulated under local government finance rules. It has three subsidiaries: London Transport Insurance (Guernsey) Ltd., the TfL Pension Fund Trustee Co. Ltd. and Transport Trading Ltd (TTL). TTL has six wholly owned subsidiaries, one of which is London Underground Limited.
The TfL Board is appointed by the Mayor of London. The Mayor also sets the structure and level of public transport fares in London. However the day-to-day running of the corporation is left to the Commissioner of Transport for London. The current Commissioner is Peter Hendy.
The Mayor is responsible for producing an integrated transport strategy for London and for consulting the GLA, TfL, local councils and others on the strategy. The Mayor is also responsible for setting TfL's budget. The GLA is consulted on the Mayor's transport strategy, and inspects and approves the Mayor's budget. It is able to summon the Mayor and senior staff to account for TfL's performance. London TravelWatch, a body appointed by and reporting to the Assembly, deals with complaints about transport in London.
Read more about this topic: London Underground
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