There are outstanding changes not yet made by the legislation.gov.uk editorial team to Financial Services and Markets Act 2000. Any changes that have already been made by the team appear in the content and are referenced with annotations.
[F1(1)The scheme manager” means the body corporate established by the Financial Services Authority under this section as originally enacted.
(2)The regulators must take such steps as are necessary to ensure that the scheme manager is, at all times, capable of exercising the functions conferred on it by or under this Part or Part 15A.]
(3)The constitution of the scheme manager must provide for it to have—
(a)a chairman; F2...
[F3(aa)a chief executive F4...; and]
(b)a board (which must include the chairman [F5and chief executive] ) whose members are the scheme manager’s directors.
(4)The chairman[F6, chief executive] and other members of the board must be persons appointed, and liable to removal from office, by the [F7regulators] (acting, in the case of the chairman [F8and the chief executive], with the approval of the Treasury).
(5)But the terms of their appointment (and in particular those governing removal from office) must be such as to secure their independence from the [F9regulators] in the operation of the compensation scheme.
(6)The scheme manager is not to be regarded as exercising functions on behalf of the Crown.
(7)The scheme manager’s F10... officers and staff are not to be regarded as Crown servants.
Textual Amendments
F1S. 212(1)(2) substituted (24.1.2013 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. 10 para. 2(2) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F2Word in s. 212(3) omitted (1.4.2014) by virtue of Financial Services (Banking Reform) Act 2013 (c. 33), ss. 16(2)(a), 148(5); S.I. 2014/377, art. 2(2)(a)
F3S. 212(3)(aa) inserted (1.4.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 16(2)(b), 148(5); S.I. 2014/377, art. 2(2)(a)
F4Words in s. 212(3)(aa) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), ss. 62(2), 86(2)(h)
F5Words in s. 212(3)(b) inserted (1.4.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 16(2)(c), 148(5); S.I. 2014/377, art. 2(2)(a)
F6Words in s. 212(4) inserted (1.4.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 16(3)(a), 148(5); S.I. 2014/377, art. 2(2)(a)
F7Word in s. 212(4) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 10 para. 2(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3
F8Words in s. 212(4) inserted (1.4.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 16(3)(b), 148(5); S.I. 2014/377, art. 2(2)(a)
F9Word in s. 212(5) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 10 para. 2(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3
F10Words in s. 212(7) omitted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 10 para. 2(4) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
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