Building Societies Act 1986

[F11 Functions of the [F2Financial Conduct Authority and the Prudential Regulation Authority] in relation to building societies.U.K.

(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)