Miscellaneous Appointment of the Chief Executive of the FCA
The FCA is the UK’s conduct regulator for financial services. It is headed by a Chief Executive appointed by HM Treasury. Currently, legislation does not specify a fixed term length for the FCA Chief Executive, and HM Treasury instead has the power to specify a term length of its choosing when making the appointment. This differs from the equivalent provisions for similar appointments, such as Deputy Governors of the Bank of England, whose terms lengths are specified in statute. The Act establishes a statutory limit on the term length for the FCA Chief Executive.
	The Government committed to making this change to the Treasury Select Committee during the passage of the Bank of England and Financial Services Act 2016 through the House of Commons.
	The Act amends relevant legislation to make the appointee to the role of the FCA Chief Executive subject to a fixed five-year term. The term may be renewed once, so that an appointee may be in the role for a maximum of 10 years.
	This is consistent with guidance from the Office of the Commissioner for Public Appointments (Cabinet Office, Governance Code on Public appointments, December 2016) which states that "there is a strong presumption that no individual should serve more than two terms or serve in any one post for more than ten years."