[F1 PART I] U.K. FUNCTIONS OF THE AUTHORITY

Textual Amendments

F1 Pt. 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)

[F2 1 Functions of the Financial Services Authority in relation to building societies. U.K.

(1) The Financial Services Authority (“the Authority”) has the following functions under this Act in relation to building socities—

(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 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.

(2) The Authority also has, in relation to such societies, the other functions conferred on it by or under this Act or any other enactment.]

Textual Amendments

F2 Pt. 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)