Miscellaneous Appointment of the Chief Executive of the FCA
Currently, the statute law governing regulatory appointments does not state a fixed term period for the FCA Chief Executive. Paragraph 2(2) of Schedule 1ZA to FSMA provides that the FCA Board shall be comprised of various persons, including at sub-paragraph (2)(b) "a chief executive appointed by HM Treasury."
	Paragraph 3(1) of Schedule 1ZA provides that the terms of service of the "appointed members" – including, courtesy of paragraph 2(6), the FCA Chief Executive – are to be determined by HM Treasury. Paragraph 3(1) provides HM Treasury with clear express power to specify a term length for the chief executive.
	Section 39 makes an amendment to Schedule 1ZA to insert a provision to make the appointee to the role of the FCA Chief Executive subject to a fixed five-year term.
	The provision makes express that the term may be renewed, but not more than once (so that an appointee may be in role for a maximum of 10 years).