The Financial Services Act 2012 (Mutual Societies) Order 2013

21.—(1) Section 56(1) (inspections and special meetings: general) is amended as follows. U.K.

(2) In subsection (1), for “Authority” substitute “FCA and the PRA”.

(3) After subsection (1), insert—

“(1A) The FCA must consult the PRA before exercising the power in subsection (1).

(1B) The PRA must consult the FCA before exercising the power in subsection (1).”

(4) In subsections (2) and (3) for “Authority”, in each place, substitute “FCA or the PRA (as the case may be)”.

(5) In subsection (4), for “Authority” substitute “body exercising its powers under subsection (1)”.

(6) In subsection (6), for “Authority”, in each place, substitute “body to which the application was made”.

(7) In subsection (7)—

(a) for “Before exercising” substitute “Before the FCA or the PRA exercises”; and

(b) for “the Authority”—

(i) in the first place, substitute “it”; and

(ii) in the second place, substitute “the body exercising its powers under subsection (1)”.

(8) In subsection (8), for “Authority” substitute “FCA or the PRA”.

(9) In subsection (10), for “Authority”, in each place, substitute “body exercising its powers under subsection (1)”.

Commencement Information

I1 Sch. 8 para. 21 in force at 1.4.2013, see art. 1(1)

(1)

Section 56 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.