[(1) Arrangements under section 1M must include the establishment and maintenance of a panel of persons (to be known as “the Smaller Business Practitioner Panel”) to represent the interests of eligible practitioners.
(2) “Eligible practitioners” means authorised persons of a description specified in a statement maintained by the FCA.
(3) The FCA must appoint one of the members of the Smaller Business Practitioner Panel to be its chair.
(4) The Treasury's approval is required for the appointment or dismissal of the chair.
(5) The FCA must appoint to the Smaller Business Practitioner Panel such—
(a) individuals who are eligible practitioners, and
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