http://www.legislation.gov.uk/ukpga/2013/33/schedule/4/crossheading/constitution/2020-12-01Financial Services (Banking Reform) Act 2013An Act to make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make further provision about payment systems and securities settlement systems; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; to make provision in relation to persons providing claims management services; and for connected purposes.texttext/xmlenStatute Law Database2024-09-06Expert Participation2020-12-01 SCHEDULESSCHEDULE 4The Payment Systems Regulator<Emphasis>Constitution</Emphasis>21The constitution of the Regulator must provide for it to have a board whose members are the directors of the Regulator.2The board is to consist of the following members—aa member to chair it, appointed by the FCA with the approval of the Treasury;ba member to be the Managing Director, appointed by the FCA with the approval of the Treasury;cone or more other members appointed by the FCA.3The persons who may be appointed under sub-paragraph (2) include persons who are members of the FCA's governing body.4A person may be appointed under sub-paragraph (2) only if the person has knowledge or experience which is likely to be relevant to the exercise by the Regulator of its functions.5A person appointed under sub-paragraph (2)(a) or (b) is liable to removal from office by the FCA (acting with the approval of the Treasury).6A person appointed under sub-paragraph (2)(c) is liable to removal from office by the FCA.Sch. 4 para. 2 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
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<Title>SCHEDULES</Title>
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<Number>SCHEDULE 4</Number>
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<Title>The Payment Systems Regulator</Title>
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2
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<Text>The constitution of the Regulator must provide for it to have a board whose members are the directors of the Regulator.</Text>
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<Text>The board is to consist of the following members—</Text>
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<Text>a member to be the Managing Director, appointed by the FCA with the approval of the Treasury;</Text>
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<Text>one or more other members appointed by the FCA.</Text>
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<Text>The persons who may be appointed under sub-paragraph (2) include persons who are members of the FCA's governing body.</Text>
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<Pnumber>4</Pnumber>
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<Text>A person may be appointed under sub-paragraph (2) only if the person has knowledge or experience which is likely to be relevant to the exercise by the Regulator of its functions.</Text>
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<Text>A person appointed under sub-paragraph (2)(a) or (b) is liable to removal from office by the FCA (acting with the approval of the Treasury).</Text>
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<Text>A person appointed under sub-paragraph (2)(c) is liable to removal from office by the FCA.</Text>
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Sch. 4 para. 2 in force at 1.3.2014 by
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,
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,
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