Financial Services and Markets Act 2000

Section 132(4).

SCHEDULE 13 U.K. The Financial Services and Markets Tribunal

Valid from 03/09/2001

Part I U.K. General

Interpretation U.K.

1 In this Schedule—

• “panel of chairmen” means the panel established under paragraph 3(1);

• “lay panel” means the panel established under paragraph 3(4);

• “rules” means rules made by the Lord Chancellor under section 132.

Valid from 03/09/2001

Part II U.K. The Tribunal

President U.K.

2 (1) The Lord Chancellor must appoint one of the members of the panel of chairmen to preside over the discharge of the Tribunal’s functions.

(2) The member so appointed is to be known as the President of the Financial Services and Markets Tribunal (but is referred to in this Act as “the President”).

(3) The Lord Chancellor may appoint one of the members of the panel of chairmen to be Deputy President.

(4) The Deputy President is to have such functions in relation to the Tribunal as the President may assign to him.

(5) The Lord Chancellor may not appoint a person to be the President or Deputy President unless that person—

(a) has a ten year general qualification within the meaning of section 71 of the M1 Courts and Legal Services Act 1990;

(b) is an advocate or solicitor in Scotland of at least ten years’ standing; or

(c) is—

(i) a member of the Bar of Northern Ireland of at least ten years’ standing; or

(ii) a solicitor of the Supreme Court of Northern Ireland of at least ten years’ standing.

(6) If the President (or Deputy President) ceases to be a member of the panel of chairmen, he also ceases to be the President (or Deputy President).

(7) The functions of the President may, if he is absent or is otherwise unable to act, be discharged—

(a) by the Deputy President; or

(b) if there is no Deputy President or he too is absent or otherwise unable to act, by a person appointed for that purpose from the panel of chairmen by the Lord Chancellor.

Marginal Citations

M1 1990 c. 41.

Panels U.K.

3 (1) The Lord Chancellor must appoint a panel of persons for the purposes of serving as chairmen of the Tribunal.

(2) A person is qualified for membership of the panel of chairmen if—

(a) he has a seven year general qualification within the meaning of section 71 of the M2 Courts and Legal Services Act 1990;

(b) he is an advocate or solicitor in Scotland of at least seven years’ standing; or

(c) he is—

(i) a member of the Bar of Northern Ireland of at least seven years’ standing; or

(ii) a solicitor of the Supreme Court of Northern Ireland of at least seven years’ standing.

(3) The panel of chairmen must include at least one member who is a person of the kind mentioned in sub-paragraph (2)(b).

(4) The Lord Chancellor must also appoint a panel of persons who appear to him to be qualified by experience or otherwise to deal with matters of the kind that may be referred to the Tribunal.

Marginal Citations

M2 1990 c. 41.

Terms of office etc U.K.

4 (1) Subject to the provisions of this Schedule, each member of the panel of chairmen and the lay panel is to hold and vacate office in accordance with the terms of his appointment.

(2) The Lord Chancellor may remove a member of either panel (including the President) on the ground of incapacity or misbehaviour.

(3) A member of either panel—

(a) may at any time resign office by notice in writing to the Lord Chancellor;

(b) is eligible for re-appointment if he ceases to hold office.

Remuneration and expenses U.K.

5 The Lord Chancellor may pay to any person, in respect of his service—

(a) as a member of the Tribunal (including service as the President or Deputy President), or

(b) as a person appointed under paragraph 7(4),

such remuneration and allowances as he may determine.

Modifications etc. (not altering text)

C1 Sch. 13 para. 5 applied (with modifications) (E.W.) (23.1.2007) by Compensation Act 2006 (c. 29), ss. 12(5)(a), 16(1); S.I. 2007/94, art. 3(a)

Staff U.K.

6 (1) The Lord Chancellor may appoint such staff for the Tribunal as he may determine.

(2) The remuneration of the Tribunal’s staff is to be defrayed by the Lord Chancellor.

(3) Such expenses of the Tribunal as the Lord Chancellor may determine are to be defrayed by the Lord Chancellor.

Modifications etc. (not altering text)

C2 Sch. 13 para. 6 applied (with modifications) (E.W.) (23.1.2007) by Compensation Act 2006 (c. 29), ss. 12(5)(b), 16(1); S.I. 2007/94, art. 3(a)

Valid from 03/09/2001

Part III U.K. Constitution of Tribunal

7 (1) On a reference to the Tribunal, the persons to act as members of the Tribunal for the purposes of the reference are to be selected from the panel of chairmen or the lay panel in accordance with arrangements made by the President for the purposes of this paragraph (“the standing arrangements”).

(2) The standing arrangements must provide for at least one member to be selected from the panel of chairmen.

(3) If while a reference is being dealt with, a person serving as member of the Tribunal in respect of the reference becomes unable to act, the reference may be dealt with by—

(a) the other members selected in respect of that reference; or

(b) if it is being dealt with by a single member, such other member of the panel of chairmen as may be selected in accordance with the standing arrangements for the purposes of the reference.

(4) If it appears to the Tribunal that a matter before it involves a question of fact of special difficulty, it may appoint one or more experts to provide assistance.

Modifications etc. (not altering text)

C3 Sch. 13 para. 7(3) applied (with modifications) (E.W.) (23.1.2007) by Compensation Act 2006 (c. 29), ss. 12(5)(c), 16(1); S.I. 2007/94, art. 3(a)

C4 Sch. 13 para. 7(4) applied (with modifications) (E.W.) (23.1.2007) by Compensation Act 2006 (c. 29), ss. 12(5)(c), 16(1); S.I. 2007/94, art. 3(a)

Part IV U.K. Tribunal Procedure

Valid from 03/09/2001

8 For the purpose of dealing with references, or any matter preliminary or incidental to a reference, the Tribunal must sit at such times and in such place or places as the Lord Chancellor may direct.

9 Rules made by the Lord Chancellor under section 132 may, in particular, include provision—

(a) as to the manner in which references are to be instituted;

(b) for the holding of hearings in private in such circumstances as may be specified in the rules;

(c) as to the persons who may appear on behalf of the parties;

(d) for a member of the panel of chairmen to hear and determine interlocutory matters arising on a reference;

(e) for the suspension of decisions of the Authority which have taken effect;

(f) as to the withdrawal of references;

(g) as to the registration, publication and proof of decisions and orders.