SCHEDULES
SCHEDULE 4The Payment Systems Regulator
Constitution
I12
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.