 It is regulated by the Financial Conduct Authority.The trust is managed on a day-to-day basis by a board of between 12 and 15 people, at least 8 of whom are elected by the trust's members at elections held annually.Elections to the board take place by rotation every three years and any member nominated by four other members may stand for election to the Board at the Annual General Meeting, normally held in September with nominations by the end of May.