[F12(1)The constitution of the consumer financial education body must provide for it to have—U.K.
(a)a chair;
(b)a chief executive; and
(c)a board (which must include the chair and chief executive) whose members are the body's directors.
(2)The members of the board must be persons appointed, and liable to removal from office, by the [F2FCA] (acting, in the case of the chair or chief executive, with the approval of the Treasury).
(3)But the terms of appointment of members of the board (and in particular those governing removal from office) must be such as to secure their independence from the [F2FCA] in the exercise of the consumer financial education function.
(4)The [F2FCA] may appoint a person to be a member of the board only if it is satisfied that the person has knowledge or experience which is likely to be relevant to the exercise by the body of the consumer financial education function.]
Textual Amendments
F1Sch. 1A inserted (8.4.2010 for certain purposes and 1.4.2011 otherwise) by Financial Services Act 2010 (c. 28), ss. 2(6), 26(1)(b)(k), Sch. 1 para. 1 (with Sch. 1 para. 2); S.I. 2010/2480, art. 3
F2Word in Sch. 1A para. 2 substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 15 para. 3 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3