The regulator must appoint a person to be chief executive, but may only appoint a person who has been approved by the Secretary of State.

The chief executive is an employee of the regulator.

The Secretary of State may appoint the first chief executive.

The regulator's staff may be appointed on such terms, including relating to remuneration and pension arrangements, as the regulator may decide.

The regulator must obtain the Secretary of State's approval for any terms relating to remuneration or pension arrangements.