(1) "The scheme manager" means the body corporate established by the Financial Services Authority under this section as originally enacted.
(2) The regulators must take such steps as are necessary to ensure that the scheme manager is, at all times, capable of exercising the functions conferred on it by or under this Part or Part 15A.
(3) The constitution of the scheme manager must provide for it to have -
(a) a chairman;
(aa) a chief executive; and
(b) a board (which must include the chairman and chief executive) whose members are the scheme manager's directors.
(4) The chairman, chief executive and other members of the board must be persons appointed, and liable to removal from office, by the regulators (acting, in the case of the chairman and the chief executive, 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 regulators in the operation of the comp
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