The Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001

10.—(1) The Decimal Currency Act 1969 is amended as follows.

(2) In subsection (9) of section 6 (payments under friendly society and industrial assurance contracts) for the definition of “the appropriate authority”(1) substitute—

““the appropriate authority” means the Treasury;”

(3) In subsection (11) of section 6—

(a) in sub-paragraph (i)(2) of paragraph (b) for “the Friendly Societies Commission and the Chief Registrar of Friendly Societies” substitute “the Treasury”; and

(b) in sub-paragraph (iii)(3) of paragraph (b) after “the Industrial Assurance (Northern Ireland) Order 1979” insert “as that Order has effect, notwithstanding its revocation by section 416 of the Financial Services and Markets Act 2000, by virtue of the Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001”.

(4) In subsection (5) of section 7 (provisions supplementary to section 6), for the words from the beginning of that subsection to “include power by any such regulations” substitute “The general rule-making power under section 138 of the Financial Services and Markets Act 2000, as applied by section 8 of the Industrial Assurance and Friendly Societies Act 1948 as that section has effect by virtue of the Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001, includes power”.

(1)

The definition of “the appropriate authority” was amended by S.I. 1995/710, regulation 5.

(2)

Paragraph (b)(i) was amended by S.I. 1995/710, regulation 5.

(3)

Paragraph (b)(iii) was amended by S.I. 1979/1574, article 53, Schedule 8.