Part 1: Financial Guidance Etc Establishment of the single financial guidance body Schedule 1: The single financial guidance body
Schedule 1 provides for the membership of the single financial guidance body and how it exercises its functions. In particular it provides for the following.
	Paragraph 2 contains provisions which define the composition of the single financial guidance body’s board and how those members will be appointed.
	Paragraph 3 contains provisions related to the terms and conditions of appointments of non-executive members.
	Paragraph 4 requires the Secretary of State to be satisfied that a person does not have any conflict of interest before appointing that person to be a non-executive member.
	Paragraph 5 allows the single financial guidance body to pay non-executive members remuneration, allowances or gratuities as determined by the Secretary of State. It also provides for the single financial guidance body to pay compensation to a non-executive member if they cease to hold office before their term of office has expired.
	Paragraph 6 requires the Secretary of State to appoint the initial executive members of the single financial guidance body, including the first chief executive. Subsequently, all executives will be appointed by the body, with the approval of the Secretary of State.
	Paragraph 9 allows the single financial guidance body to establish committees to carry out its functions, or to provide advice on matters relating to the exercise of its functions. It allows the body to pay remuneration and expenses to members of a committee who are neither a member of the body’s board nor an employee of the body. It also allows committees to establish a sub-committee.
	Paragraph 10 allows the single financial guidance body to delegate any of its functions to members, employees and committees. A committee may delegate any functions delegated to it to a sub-committee, to a member of a committee, a member of the body’s board or an employee of the body.
	Paragraph 11 allows the single financial guidance body to regulate its own procedures and any procedures established in relation to its committees and sub-committees.
	Paragraph 14 requires the single financial guidance body to prepare an annual report on the exercise of its functions, and on anything else directed to be included by the Secretary of State. The Secretary of State must lay both the annual report from the single financial guidance body and also the report by the Comptroller and the Auditor General on the statement on the accounts of the single financial guidance body before Parliament.
	Paragraph 14 also requires the single financial guidance body to keep proper accounts and prepare an annual statement on the accounts for each financial year. This statement on the accounts must be sent to the Secretary of State and the Comptroller and the Auditor General. The Comptroller and the Auditor General must then examine the statement of accounts and compose a report on it, which must be sent to the Secretary of State.