Paragraph 2 F1
The constitution of the FCA must provide for the FCA to have a governing body.
The governing body must consist of—
a chair appointed by the Treasury,
a chief executive appointed by the Treasury,
the Bank's Deputy Governor for prudential regulation,
the Chair of the Payment Systems Regulator,
2 members appointed jointly by the Secretary of State and the Treasury, and
at least one other member appointed by the Treasury.
The members referred to in sub-paragraph (2)(a), (c) F3, (ca) and (d) are to be non-executive members.
In exercising its powers under sub-paragraph (2)(e) to appoint executive or non-executive members, the Treasury must secure that the majority of members of the governing body are non-executive members.
An employee of the FCA may not be appointed as a non-executive member.
In the following provisions of this Schedule an “appointed member” means a member of the governing body appointed under sub-paragraph (2)(a), (b), (d) or (e).
Annotations
Textual amendments
- F1
Schs. 1ZA, 1ZB substituted for Sch. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 3 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.
- F2
Sch. 1ZA para. 2(2)(ca) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 52(4)(a), 86(2)(b)
- F3
Word in Sch. 1ZA para. 2(3) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 52(4)(b), 86(2)(b)
Notes on Schedule 1ZA
Modifications
- C1
Sch. 1ZA applied (with modifications) (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 1 paras. 2(2)(a), 5(1)(2) (with art. 3)
Notes on Part 1
Modifications
- C1
Sch. 1ZA Pt. 1 modified by S.I. 2007/3298, reg. 4(4) (as amended) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 131(c)
- C2
Sch. 1ZA Pt. 1 modified (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), regs. 1(2), 46(9), 63(8) (with regs. 8, 15)