Schedule 1ZA, Part 1, paragraph 2

The constitution of the FCA must provide for the FCA to have a governing body. The governing body must consist of— a chair appointed by the Treasury, a chief executive appointed by the Treasury, the Bank's Deputy Governor for prudential regulation, the Chair of the Payment Systems Regulator, 2 members appointed jointly by the Secretary of State and the Treasury, and at least one other member appointed by the Treasury. The members referred to in sub-paragraph (2)(a), (c) , (ca) and (d) are to be non-executive members. In exercising its powers under sub-paragraph (2)(e) to appoint executive or non-executive members, the Treasury must secure that the majority of members of the governing body are non-executive members. An employee of the FCA may not be appointed as a non-executive member. In the following provisions of this Schedule an “appointed member” means a member of the governing body appointed under sub-paragraph (2)(a), (b), (d) or (e).

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Source: legislation.gov.uk · retrieved 2026-09-04