Part 2: Financial Services Section 18: Appointment of Financial Conduct Authority chief executive
This section amends Schedule 1ZA to FSMA. Paragraph 2A(1) provides that the term of office of the person who is appointed by the Treasury as the chief executive of the Financial Conduct Authority may not start until that person has appeared before the Treasury Select Committee in connection with the appointment or, if earlier, three months has passed since the appointment was made. Subparagraph (2) ensures that this requirement will not apply where an appointment is made on a temporary basis (where for example it is necessary to appoint an acting chief executive). Subparagraphs (3) and (4) provide for the possibility that the name of the Treasury Committee may in future be changed, or its functions pass to another Committee of the House of Commons.