Textual Amendments
F1Words in s. 51 cross-heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 16 (with Sch. 12)
(1)In this section “friendly society group” means an incorporated friendly society, subsidiaries of that society and bodies jointly controlled by it.
(2)If it appears to the [F2FCA or the PRA] that the activities of subsidiaries of an incorporated friendly society or bodies jointly controlled by it are or may become disproportionate to those of the friendly society group as a whole, it may direct the society—
(a)to take or refrain from taking steps specified in the direction with a view to securing that the activities in question cease to be or do not become disproportionate; or
(b)to take steps so specified with a view to securing—
(i)that it ceases to have control or joint control of any subsidiary or jointly controlled body in question; or
(ii)that any such subsidiary or jointly controlled body is wound up.
(3)If it appears to the [F2FCA or the PRA] that any activity of a subsidiary of an incorporated friendly society or of a body jointly controlled by such a society is unsuitable for a member of a friendly society group, it may direct the society—
(a)to take steps specified in the direction with a view to securing that that activity ceases; or
(b)to take steps so specified with a view to securing—
(i)that it ceases to have control or joint control of the subsidiary or jointly controlled body; or
(ii)that the subsidiary or jointly controlled body is wound up.
(4)A direction under this section may specify [F3that the society is to comply with it—.
(a)immediately on receipt of a final notice in relation to the direction;
(b)before the end of such period as may be specified in the direction, beginning with the giving of a final notice in relation to the direction; or
(c)on the happening of an event subsequent to the giving of such a notice.]
(5)A society given a direction under this section must—
(a)comply with the direction; or
(b)convert itself into a company in accordance with Part VIII of this Act.
[F4(6)The [F5FCA or the PRA] may by written notice to the society—
(a)vary a direction [F6issued by it] under this section at the request of the society; or
(b)revoke a direction [F6issued by it] under this section.]
[F7(6A)The FCA must consult the PRA before issuing a direction under this section to a PRA-authorised person or varying such a direction.
(6B)The PRA must consult the FCA before issuing or varying a direction under this section.]
[F8(7)If a society requests the FCA or the PRA to notify the society as to whether, in the opinion of that authority, it has complied with a direction issued by that authority, the FCA or the PRA (as the case may be) must comply with the request.
(7A)The PRA must send a copy to the FCA of any direction, notice, final notice or notification it issues under this section.]
F9(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9)The [F10[F11FCA] shall keep] a copy—
(a)of a direction under this section;
(b)of a notice under subsection (6) above; or
[F12(ba)of a final notice varying a direction under this section;]
(c)of a notification under subsection (7) above;
F13. . . in the public file of the society.
[F14(10)“Final notice" means a final notice given under section 390 of the Financial Services and Markets Act 2000, as applied by section 58A(6) below.]
Textual Amendments
F2Words in s. 54(2)(3) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 18(2) (with Sch. 12)
F3S. 54(4): Words and paras. (a)-(c) 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. 71(b) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F4S. 54(6) 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. 71(c) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F5Words in s. 54(6) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 18(3)(a) (with Sch. 12)
F6Words in s. 54(6) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 18(3)(b) (with Sch. 12)
F7S. 54(6A)(6B) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 18(4) (with Sch. 12)
F8S. 54(7)(7A) substituted for s. 54(7) (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 18(5) (with Sch. 12)
F9S. 54(8) repealed (1.12.2001) by S.I. 2001/2617, arts. 2, 13(2), Sch. 4 (with art. 13(3), Sch. 5)
F10Words in s. 54(9) 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. 71(e)(i) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F11Word in s. 54(9) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 18(6) (with Sch. 12)
F12S. 54(9)(ba) inserted (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. 71(e)(ii) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F13Words in s. 54(9) repealed (1.12.2001) by S.I. 2001/2617, arts. 2, 13(2), Sch. 4 (with art. 13(3), Sch. 5)
F14S. 54(10) inserted (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. 71(f) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
Commencement Information