SCHEDULE 4 The Payment Systems Regulator
Financial Services (Banking Reform) Act 2013 (2013 c 33) | Legislation

SCHEDULE 4 The Payment Systems Regulator

Section 40

Introductory

1

In this Schedule—

(a)     “the Regulator†means the Payment Systems Regulator;

(b)     references to the functions of the Regulator are to functions conferred on it by or under this Part.

Constitution

2

(1)     The constitution of the Regulator must provide for it to have a board whose members are the directors of the Regulator.

(2)     The board is to consist of the following members—

(a)     a member to chair it, appointed by the FCA with the approval of the Treasury;

(b)     a member to be the Managing Director, appointed by the FCA with the approval of the Treasury;

(c)     one or more other members appointed by the FCA.

(3)     The persons who may be appointed under sub-paragraph (2) include persons who are members of the FCA's governing body.

(4)     A person may be appointed under sub-paragraph (2) only if the person has knowledge or experience which is likely to be relevant to the exercise by the Regulator of its functions.

(5)     A person appointed under sub-paragraph (2)(a) or (b) is liable to removal from office by the FCA (acting with the approval of the Treasury).

(6)

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