President
(1) The Lord Chancellor must appoint one of the members of the panel of chairmen to preside over the discharge of the Tribunal's functions.
(2) The member so appointed is to be known as the President of the Financial Services and Markets Tribunal (but is referred to in this Act as "the President").
(3) The Lord Chancellor may appoint one of the members of the panel of chairmen to be Deputy President.
(4) The Deputy President is to have such functions in relation to the Tribunal as the President may assign to him.
(5) The Lord Chancellor may not appoint a person to be the President or Deputy President unless that person -
(a) satisfies the judicial-appointment eligibility condition on a 7-year basis;
(b) is an advocate or solicitor in Scotland of at least 7 years' standing; or
(c) is -
(i) a member of the Bar of Northern Ireland of at least 7 years' standing; or
(ii) a solicitor of the Court of Judicature of Northern Ireland of at least 7 years' standin