240.This section establishes the Tribunal and gives the Lord Chancellor the power to set its procedural rules. The Council on Tribunals is given oversight of the new Tribunal under the Tribunal & Inquiries Act 1992.  Schedule 13 sets out requirements for the appointment of the President of the Tribunal, and the “panel of chairmen” panel and lay panel from which members of the Tribunal will be drawn.  It includes provision for their qualifications and terms of office.  It also permits the appointment of a Deputy President and administrative staff.  It further provides power for the Tribunal to summon witnesses and to award costs.  Subsection (3) contains the power for the Lord Chancellor to make rules for the Tribunal.  Paragraph 9 of Schedule 13 sets out examples of the aspects of the Tribunal’s procedures which might be covered by the Lord Chancellor’s rules (such as when hearings might be held in private).  Subsection (4) provides that this does not limit the Lord Chancellor’s power.
Commentary on Sections Part Ix: Hearings and Appeals Section 132: The Financial Services and Markets Tribunal