Friendly Societies Act 1992

Remuneration of auditors or their associates for non-audit work U.K.

17 (1) The [F1 Treasury] may make provision by regulations for securing the disclosure of the amount of any remuneration received or receivable by auditors appointed under this Schedule or their associates in respect of services other than those of auditors in their capacity as such. U.K.

(2) The regulations may—

(a) provide that “remuneration” includes sums paid in respect of expenses;

(b) apply in relation to benefits in kind as to payments in cash, and in relation to any such benefit require disclosure of its nature and its estimated money value;

(c) define “associate” in relation to an auditor; and

(d) require the disclosure of remuneration in respect of services rendered to subsidiaries.

(3) The regulations may require the auditors to disclose the relevant information in their report or require the relevant information to be disclosed in a note to the accounts of the society or branch and require the auditors to supply the committee of management of the society or branch with such information as is necessary to enable that disclosure to be made.

Textual Amendments

F1 Word in Sch. 14 para. 17(1) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 127(g) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

Modifications etc. (not altering text)

C1 Sch. 14 para. 17(1): Functions of the Friendly Societies Commission transferred (1.12.2001) to the Treasury by S.I. 2001/2617, arts. 2(b), 4(1), Sch. 1 Pt. II (with art. 5); S.I. 2001/3538, art. 2(1)

Commencement Information

I1 Sch. 14 para. 17 wholly in force; Sch. 14 para. 17 not in force at Royal Assent see s. 126(2); Sch. 14 para. 17 in force for certain purposes at 13.1.1993 by S.I. 1993/16, art. 2, Sch. 1; Sch. 14 para. 17 in force for all remaining purposes at 13.9.1993 by S.I. 1993/2213, art. 2(1), Sch. 2