The Financial Services Act 2012 (Mutual Societies) Order 2018

Transfer of functions to the Financial Conduct Authority

2.  The following Schedules to this Order have effect—

(a) Schedule 1 (which provides for the application of FSMA 2000(1) to the functions transferred to the FCA by Schedules 2 and 3);

(b) Schedules 2 and 3 (which amend legislation relating to mutual societies in Northern Ireland to provide for the functions of the Registrar of Credit Unions for Northern Ireland(2) to be transferred to the FCA); and

(c) Schedule 4 (which makes amendments in consequence of Schedules 2 and 3).

(1)

For the meaning of “FSMA 2000”, “the FCA” and “the PRA” see the Financial Services Act 2012, section 117. “FSMA 2000” means the Financial Services and Markets Act 2000 (c. 8), “the FCA” means the Financial Conduct Authority and “the PRA” means the Prudential Regulation Authority.

(2)

The Registrar of Credit Unions for Northern Ireland is appointed to perform in Northern Ireland the functions of registrar by Article 2A(1) of The Credit Unions (Northern Ireland) Order 1985 (S.R (N.I) 1985 No. 1205).