(1)An appointed member holds and vacates office in accordance with the terms of appointment (subject to this section).
(2)A period of appointment may not exceed 5 years (but a member may be reappointed).
(3)An appointed member may resign by notice to the Secretary of State.
(4)The Secretary of State may dismiss an appointed member if satisfied that any of the following cases applies—
(a)Case 1 is where a member has been absent from meetings of the regulator for a period of more than 6 months without its permission.
(b)Case 2 is where a member is subject to—
(i)a bankruptcy restrictions order, or
(ii)an interim bankruptcy restrictions order.
(c)Case 3 is where—
(i)a member’s estate has been sequestrated by a court in Scotland, or
(ii)under the law of Scotland, a member has made a composition or arrangement with, or granted a trust deed for, creditors.
(d)Case 4 is where a member has a financial or other personal interest which is likely to influence the performance of functions.
(e)Case 5 is where a member has misbehaved or is for any other reason unable, unsuitable or unwilling to perform functions.