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Financial Services and Markets Act 2000
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Version Superseded: 12/10/2010
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212 The scheme manager.U.K.
This section has no associated Explanatory Notes
(1)The Authority must establish a body corporate (“the scheme manager”) to exercise the functions conferred on the scheme manager by or under this Part.
(2)The Authority must take such steps as are necessary to ensure that the scheme manager is, at all times, capable of exercising those functions.
(3)The constitution of the scheme manager must provide for it to have—
(a)a chairman; and
(b)a board (which must include the chairman) whose members are the scheme manager’s directors.
(4)The chairman and other members of the board must be persons appointed, and liable to removal from office, by the Authority (acting, in the case of the chairman, 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 Authority 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 board members, officers and staff are not to be regarded as Crown servants.
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