The Financial Services Authority2
1
On and after the appointed day—
a
paragraphs 1 and 2 of Schedule 7 to the Financial Services Act 19862 (which are superseded by paragraphs 2 to 5 of Schedule 1) cease to apply to the Authority;
b
the reference to the Authority’s functions in paragraph 5 of Schedule 1 includes its functions as a designated agency under the Financial Services Act 1986; and
c
the reference to the Authority’s legislative functions in that paragraph includes its functions of issuing statements of principle, rules, regulations and codes of practice under that Act.
2
On and after the appointed day, a person who immediately before the appointed day holds office as chairman of, or as a member of, the governing body of the Authority is to be treated as having been appointed under paragraph 2(3) of Schedule 1.