Schedule 4, paragraph 2

The constitution of the Regulator must provide for it to have a board whose members are the directors of the Regulator. The board is to consist of the following members— a member to chair it, appointed by the FCA with the approval of the Treasury; a member to be the Managing Director, appointed by the FCA with the approval of the Treasury; one or more other members appointed by the FCA. The persons who may be appointed under sub-paragraph (2) include persons who are members of the FCA's governing body. 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. 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). A person appointed under sub-paragraph (2)(c) is liable to removal from office by the FCA.

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