[F13(1)The terms of service of the appointed members are to be determined by the Treasury.U.K.
(2)In the case of a member appointed under paragraph 2(2)(d), the Treasury must consult the Secretary of State about the terms of service.
(3)Before appointing a person as an appointed member, the Treasury (or as the case requires the Treasury and the Secretary of State) must consider whether the person has any financial or other interests that could have a material effect on the extent of the functions as member that it would be proper for the person to discharge.
(4)The terms of service of an appointed member (“M”) must be such as—
(a)to secure that M is not subject to direction by the Treasury or the Secretary of State,
(b)to require M not to act in accordance with the directions of any other person, and
(c)to prohibit M from acquiring any financial or other interests that have a material effect on the extent of the functions as member that it would be proper for M to discharge.
(5)If an appointed member is an employee of the FCA, the member's interest as employee is to be disregarded for the purposes of sub-paragraphs (3) and (4)(c) and paragraph 4(1)(b).
(6)A person who is an employee of the PRA is disqualified for appointment as an appointed member.
(7)The FCA may pay expenses to the Bank's Deputy Governor for prudential regulation in respect of that person's service as a member.]
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.