[(1) “The scheme manager” means the body corporate established by the Financial Services Authority under this section as originally enacted.
(2) The regulators must take such steps as are necessary to ensure that the scheme manager is, at all times, capable of exercising the functions conferred on it by or under this Part or Part 15A.]
(3) The constitution of the scheme manager must provide for it to have—
(a) a chairman; . . .
[(aa) a chief executive (who is to be the accounting officer); and]
(b) a board (which must include the chairman [and chief executive]) whose members are the scheme manager's directors.
(4) The chairman[, chief executive] and other members of the board must be persons appointed, and liable to removal from office, by the [regulators] (acting, in the case of the chairman [and the chief executive], with the approval of the Treasury).
(5) But the terms of their appointment (and in particular those governing removal from office) must be such as to secure their independence from the [regulators] in the operation of the compensation scheme.
(6) The scheme manager is not to be regarded as exercising functions on behalf of the Crown.
(7) The scheme manager's . . . officers and staff are not to be regarded as Crown servants.
(1) The [regulators] must by rules [made in accordance with an order under subsection (1A)] establish a scheme for compensating persons in [cases where—
(a) relevant persons are unable, or likely to be unable, to satisfy claims against them, . . .
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