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Financial Services and Markets Act 2000, Section 71E is up to date with all changes known to be in force on or before 25 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Before appointing a person to act as a temporary manager, the appropriate regulator must be satisfied that the person—
(a)has the qualifications, ability and knowledge to carry out the functions to be given to the temporary manager, and
(b)would not be subject to any conflict of interest as a result of the appointment.
(2)A person may not be appointed to act as a temporary manager for a period longer than one year, but is eligible for re-appointment (or further re-appointment) if subsection 71C(1) continues to apply in relation to the relevant firm or parent undertaking.
(3)The appropriate regulator may vary the terms of the appointment of a temporary manager, or remove the temporary manager, at any time.
(4)A temporary manager is not liable for damages in respect of anything done in good faith for the purposes of or in connection with the functions of the appointment (subject to section 8 of the Human Rights Act 1998).]
Textual Amendments
F1Ss. 71B-71I and cross-heading inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 32
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