# Financial Services (Banking Reform) Act 2013, Paragraph 2


(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.

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Source: https://www.legislation.gov.uk/ukpga/2013/33/schedule/4/paragraph/2 (the official version)
Page: https://openlegislation.uk/financial-services-banking-reform-act-2013/schedule-4/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.