If, on receiving the report on the state and conduct of the activities of a registered friendly society from a person appointed under section 65 of the 1992 Act, it appears to the F3FCA or the PRA that it is in the interests of the members of the society or of the public that the society should be wound up, then, unless the society is already being wound up by the court, the F4FCA, after consulting the PRA, or the PRA, after consulting the FCA, may present a petition to the High Court or, in Scotland, to the Court of Session for the society to be wound up by the court in accordance with the Insolvency Act 1986 or, as the case may be, the Insolvency (Northern Ireland) Order 1989 if the court thinks it just and equitable that this should be done.

Subsection (1) above applies in relation to a registered branch of a registered friendly society as it applies in relation to such a society.

Subsection (1) does not require the FCA to consult the PRA if the society in question is not a PRA -authorised person.

The PRA may only present a petition under subsection (1) in respect of a society which is a PRA -authorised person.