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, 13(1), Sch. 3 Pt. II, para. 132 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(a)
F2Word in Pt. I 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. 2 (with Sch. 12)
(1)[F5The FCA] has the following functions under this Act in relation to building socities—
F6(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.
[F7(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 [F8and 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 [F9FCA and the PRA also have] , in relation to such societies, the other functions conferred on [F10them respectively] by or under this Act or any other enactment.]
Textual Amendments
F3Pt. 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)
F4Words 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)
F5Words 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)
F6S. 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)
F7S. 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)
F8Words 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
F9Words 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)
F10Word 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)