PART 1THE INDEPENDENT FINANCIAL REVIEW PANEL

Appointments, etc.

4Appointments to the Panel

1

The Chair and other Panel members shall be appointed by the Commission.

2

Each appointment shall be for a term of 5 years from the date of the appointment.

3

A person may not be appointed to be a Panel member if that person has already been appointed to be a Panel member on two occasions.

5Disqualification from membership of the Panel

1

Schedule 1 makes provision as to the persons who are disqualified from being appointed or serving as Panel members.

2

The Commission may by order amend Schedule 1.

3

An order under this section shall not be made unless a draft of the order has been laid before and approved by resolution of the Assembly.

6Termination of membership of the Panel

1

The appointment of a person as a Panel member ceases—

a

on the expiry of the term for which that person was appointed;

b

if that person resigns by giving notice in writing to the Commission;

c

if that person becomes disqualified from being a Panel member; or

d

if the Commission dismisses that person under subsection (2).

2

The Commission may dismiss a person from office as a Panel member if it is satisfied that—

a

the person has been convicted of a criminal offence;

b

the person has become bankrupt F1or is the subject of a bankruptcy restrictions orderF2or has had a debt relief order made in respect of him or is the subject of a debt relief restrictions order or made an arrangement or composition with the person's creditors;

c

the person has without reasonable excuse failed to discharge the functions of a Panel member for a continuous period of 3 months beginning not earlier than 6 months before the day of dismissal;

d

the person is unfit or unable to carry out those functions.

7Code of conduct for Panel members

1

The Panel shall issue a code of conduct for its members.

2

The code of conduct shall in particular—

a

incorporate the Nolan principles or such other similar principles as may be adopted by the Panel from time to time; and

b

include provision about the disclosure of interests by Panel members.

3

The Panel shall keep the code of conduct under review.

4

In this section “the Nolan principles” means the 7 general principles of public life set out in the First Report of the Committee on Standards in Public Life (Cm 2850).

8Administration and finance

Schedule 2 makes administrative and financial provision about the Panel.

9Annual report

The Panel shall, as soon as practicable after the end of each financial year, provide to the Commission a report on the performance of its functions, including the use of resources, during that financial year.