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Financial Services Act 1986
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5(1)The arrangements of the organisation with respect to the appointment, removal from office and functions of the persons responsible for making or enforcing the rules of the organisation must be such as to secure a proper balance—
(a)between the interests of the different members of the organisation ; and
(b)between the interests of the organisation or its members and the interests of the public.
(2)The arrangements shall not be regarded as satisfying the requirements of this paragraph unless the persons responsible for those matters include a number of persons independent of the organisation and its members sufficient to secure the balance referred to in subparagraph (1)(b) above.
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