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.