2(1)The Lord Chancellor must appoint one of the members of the panel of chairmen to preside over the discharge of the Tribunal’s functions.
(2)The member so appointed is to be known as the President of the Financial Services and Markets Tribunal (but is referred to in this Act as “the President”).
(3)The Lord Chancellor may appoint one of the members of the panel of chairmen to be Deputy President.
(4)The Deputy President is to have such functions in relation to the Tribunal as the President may assign to him.
(5)The Lord Chancellor may not appoint a person to be the President or Deputy President unless that person—
(a)has a ten year general qualification within the meaning of section 71 of the M1Courts and Legal Services Act 1990;
(b)is an advocate or solicitor in Scotland of at least ten years’ standing; or
(c)is—
(i)a member of the Bar of Northern Ireland of at least ten years’ standing; or
(ii)a solicitor of the Supreme Court of Northern Ireland of at least ten years’ standing.
(6)If the President (or Deputy President) ceases to be a member of the panel of chairmen, he also ceases to be the President (or Deputy President).
(7)The functions of the President may, if he is absent or is otherwise unable to act, be discharged—
(a)by the Deputy President; or
(b)if there is no Deputy President or he too is absent or otherwise unable to act, by a person appointed for that purpose from the panel of chairmen by the Lord Chancellor.
Marginal Citations