[F12(1)The constitution of the FCA must provide for the FCA to have a governing body.U.K.
(2)The governing body must consist of—
(a)a chair appointed by the Treasury,
(b)a chief executive appointed by the Treasury,
(c)the Bank's Deputy Governor for prudential regulation,
(d)2 members appointed jointly by the Secretary of State and the Treasury, and
(e)at least one other member appointed by the Treasury.
(3)The members referred to in sub-paragraph (2)(a), (c) and (d) are to be non-executive members.
(4)In exercising its powers under sub-paragraph (2)(e) to appoint executive or non-executive members, the Treasury must secure that the majority of members of the governing body are non-executive members.
(5)An employee of the FCA may not be appointed as a non-executive member.
(6)In the following provisions of this Schedule an “appointed member” means a member of the governing body appointed under sub-paragraph (2)(a), (b), (d) or (e).]
Textual Amendments
F1Schs. 1ZA, 1ZB substituted for Sch. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 3 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.