(1) Schedule 1ZA to the Financial Services and Markets Act 2000 (Financial Conduct Authority) is amended as follows.

(2) In paragraph 2A -

(a) after sub-paragraph (1) insert -

"(1A) Appointment as chief executive under paragraph 2(2)(b) is to be for a period of 5 years.", and

(b) in sub-paragraph (2), for "Sub-paragraph (1) does" substitute "Subparagraphs (1) and (1A) do".

(3) After paragraph 2A insert -

"2B

(1) A person may not be appointed as chief executive under paragraph 2(2)(b) more than twice.

(2) For this purpose an appointment as chief executive on an acting basis, pending a further appointment being made, is to be ignored."