Financial Services and Markets Act 2000

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—

[F1 (a) satisfies the judicial-appointment eligibility condition on a 7-year basis;]

(b) is an advocate or solicitor in Scotland of at least [F2 7] years’ standing; or

(c) is—

(i) a member of the Bar of Northern Ireland of at least [F2 7] years’ standing; or

(ii) a [F3 solicitor of the Court of Judicature of Northern Ireland] of at least [F2 7] 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.

[F4 (8) The Lord Chancellor may appoint a person under sub-paragraph (7)(b) only after consulting the following—

(a) the Lord Chief Justice of England and Wales;

(b) the Lord President of the Court of Session;

(c) the Lord Chief Justice of Northern Ireland.

(9) The Lord Chief Justice of England and Wales may nominate a judicial office holder (as defined in section 109(4) of the Constitutional Reform Act 2005) to exercise his functions under this paragraph.

(10) The Lord President of the Court of Session may nominate a judge of the Court of Session who is a member of the First or Second Division of the Inner House of that Court to exercise his functions under this paragraph.

(11) The Lord Chief Justice of Northern Ireland may nominate any of the following to exercise his functions under this paragraph—

(a) the holder of one of the offices listed in Schedule 1 to the Justice (Northern Ireland) Act 2002;

(b) a Lord Justice of Appeal (as defined in section 88 of that Act).]

Textual Amendments

F1 Sch. 13 para. 2(5)(a) substituted (21.7.2008) by Tribunals, Courts and Enforcement Act 2007 (c. 15), ss. 50(6), 148(5), Sch. 10 para. 34(2)(a); S.I. 2008/1653, art. 2 (with arts. 3, 4)

F2 Words in Sch. 13 para. 2(5)(b)(c)(i)(ii) substituted (21.7.2008) by Tribunals, Courts and Enforcement Act 2007 (c. 15), ss. 50(6), 148(5), Sch. 10 para. 34(2)(b); S.I. 2008/1653, art. 2 (with arts. 3, 4)

F3 Sch. 13 para. 2(5)(c)(ii): words substituted (1.10.2009) for the words "solicitor of the Supreme Court of Northern Ireland" wherever they occur in any enactment by Constitutional Reform Act 2005 (c. 4), ss. 59(5)(6), 148(1), Sch. 11 para. 5; S.I. 2009/1604, art. 2(b)(d)

F4 Sch. 13 para. 2(8)-(11) inserted (3.4.2006) by Constitutional Reform Act 2005 (c. 4), ss. 15(1), 148(1), Sch. 4 para. 286(2); S.I. 2006/1014, art. 2(a), Sch. 1 paras. 10, 11(x)