(1)Schedule 1ZA to the Financial Services and Markets Act 2000 (Financial Conduct Authority) is amended as follows.
(2)In paragraph 2A—
(a)after sub-paragraph (1) insert—
“(1A)Appointment as chief executive under paragraph 2(2)(b) is to be for a period of 5 years.”, and
(b)in sub-paragraph (2), for “Sub-paragraph (1) does” substitute “ Sub-paragraphs (1) and (1A) do ”.
(3)After paragraph 2A insert—
“2B(1)A person may not be appointed as chief executive under paragraph 2(2)(b) more than twice.
(2)For this purpose an appointment as chief executive on an acting basis, pending a further appointment being made, is to be ignored.”