(1) The Financial Services and Markets Act 2000 [2000 c. 8.] is amended as follows.

(2) In section 71B (removal of directors and senior executives), after subsection (2) [Sections 71B to 71I were inserted by S.I. 2016/1239.] insert -

"(3) If the appropriate regulator is satisfied that the condition in section 71D(4A) is met in relation to a person who is a director of an institution, of a financial holding company or of a mixed financial holding company, the appropriate regulator may require that institution, financial holding company or mixed financial holding company to remove that person from the board of directors."

(3) In section 71D (section 71B and 71C: conditions) [Section 71D is prospectively amended by S.I. 2019/632.], after subsection (4) insert -

"(4A) The condition in this subsection is met in relation to a director of an institution, of a financial holding company or of a mixed financial holding company, if the director -

(a) is no longer of sufficiently good repute to perform their duties,

(b) no longer possesses sufficient knowledge, skills, experience, honesty, integrity or independence of mind to perform their duties, or