Point in time view as at 26/03/2015.
Building Societies Act 1986, Section 1 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)[F3The FCA] has the following functions under this Act in relation to building socities—
F4(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)to administer the system of regulation of building societies provided for by or under this Act; and
(c)to advise and make recommendations to the Treasury and other government departments on any matter relating to building societies.
[F5(1A)The PRA has the following functions under this Act in relation to building societies—
(a)to secure that the principal purpose of building societies remains that of making loans which are secured on residential property and are funded substantially by their members;
(b)to administer the system of regulation of building societies provided by or under this Act, but only in so far as sections 5, 6, 7 [F6and 9A ] confer functions on the PRA; and
(c)to advise and make recommendations to the Treasury and other government departments on any matter relating to building societies.]
(2)The [F7FCA and the PRA also have] , in relation to such societies, the other functions conferred on [F8them respectively] by or under this Act or any other enactment.]
Textual Amendments
F1Pt. I (s. 1) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) for Pt. I (ss. 1-4) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 132 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F2Words in s. 1 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(5) (with Sch. 12)
F3Words in s. 1(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(2)(a) (with Sch. 12)
F4S. 1(1)(a) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(2)(b) (with Sch. 12)
F5S. 1(1A) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(3) (with Sch. 12)
F6Words in s. 1(1A)(b) substituted (26.3.2015) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 9 para. 4(3)(a); S.I. 2015/428, art. 2
F7Words in s. 1(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(4)(a) (with Sch. 12)
F8Word in s. 1(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(4)(b) (with Sch. 12)
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