Paragraph 2 I1

(1)

The constitution of the Regulator must provide for it to have a board whose members are the directors of the Regulator.

(2)

The board is to consist of the following members—

(a)

a member to chair it, appointed by the FCA with the approval of the Treasury;

(b)

a member to be the Managing Director, appointed by the FCA with the approval of the Treasury;

(c)

one or more other members appointed by the FCA.

(3)

The persons who may be appointed under sub-paragraph (2) include persons who are members of the FCA's governing body.

(4)

A person may be appointed under sub-paragraph (2) only if the person has knowledge or experience which is likely to be relevant to the exercise by the Regulator of its functions.

(5)

A person appointed under sub-paragraph (2)(a) or (b) is liable to removal from office by the FCA (acting with the approval of the Treasury).

(6)

A person appointed under sub-paragraph (2)(c) is liable to removal from office by the FCA.

Annotations

Commencement

I1: Sch. 4 para. 2 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1