Financial Services and Markets Act 2000

[F171B.Removal of directors and senior executivesU.K.

This section has no associated Explanatory Notes

(1)If the appropriate regulator is satisfied that the conditions in section 71D(1) and (2) are met in relation to a relevant firm, the appropriate regulator may require the firm to remove—

(a)any person who is a director of the firm;

(b)any person who is a senior executive of the firm.

(2)If the appropriate regulator imposes a requirement under subsection (1), the regulator may also require the relevant firm—

(a)to replace a director or senior executive who has been removed, and

(b)to take any step needed to give effect to the replacement, including, where necessary, calling a general meeting of the firm’s shareholders or members.

[F2(3)If the appropriate regulator is satisfied that the condition in section 71D(4A) is met in relation to a person who is a director of an institution, of a financial holding company or of a mixed financial holding company, the appropriate regulator may require that institution, financial holding company or mixed financial holding company to remove that person from the board of directors.]]