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Financial Services (Banking Reform) Act 2013

Financial Services (Banking Reform) Act 2013

2013 CHAPTER 33

Commentary

Part 2 – Depositor Preference and the Financial Services Compensation Scheme

Financial Services Compensation Scheme

Section 16: Scheme manager: appointment of accounting officer

101.Section 16 amends section 212 of FSMA. Subsection (2) amends subsection 212(3) of FSMA so that the constitution of the scheme manager must provide for it to have a chief executive, who is to be a member of the board of the scheme manager. The chief executive is also to be the accounting officer. Subsection (3) amends subsection 212(4) of FSMA to provide that the chief executive must be appointed by the PRA and the FCA. The appointment, and if relevant the removal from office, of the chief executive by the regulators will be subject to the approval of the Treasury.

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