2(1)The constitution of the Regulator must provide for it to have a board whose members are the directors of the Regulator.U.K.
(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.
Commencement Information
I1Sch. 4 para. 2 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1