SCHEDULES

SCHEDULE 9Building societies

Financial year

16

After section 117 insert—

117AAlteration of financial year

1

A building society may by notice given to the FCA specify a new year-end date.

2

A notice given under subsection (1) has effect in relation to—

a

the financial year in which the notice is given (“the current financial year”), and

b

subsequent financial years.

3

The notice must state whether the current financial year—

a

is to be shortened, so as to come to an end on the first occasion on which the new year-end date falls or fell after the beginning of the current financial year, or

b

is to be extended, so as to come to an end on the second occasion on which that date falls or fell after the beginning of the current financial year.

4

A notice extending a building society's financial year is not effective if given less than 5 years after the end of an earlier financial year of the society that was extended under this section.

5

A financial year of a building society may not be extended so as to exceed 18 months and a notice under subsection (1) is ineffective if the current financial year as extended in accordance with the notice would exceed that limit.