Sch 17 para 3
(1) The constitution of the scheme operator must provide for it to have— (a) a chairman; and (b) a board (which must include the chairman) whose members are the scheme operator’s directors. (2) The chairman and other members of the board must be persons appointed, and liable to removal from office, by the FCA (acting, in the case of the chairman, with the approval of the Treasury). (3) But the terms of their appointment (and in particular those governing removal from office) must be such as to secure their independence from the FCA in the operation of the scheme. (4) The function of making voluntary jurisdiction rules under section 227 ... and the functions conferred by paragraphs 4, 5, 7, 9 , 9A or 14 may be exercised only by the board. (5) The validity of any act of the scheme operator is unaffected by— (a) a vacancy in the office of chairman; or (b) a defect in the appointment of a person as chairman or as a member of the board.