F2PART I FUNCTIONS OF THE F3Financial Conduct Authority and the Prudential Regulation Authority
Word 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)
1F1 Functions of the F4Financial Conduct Authority and the Prudential Regulation Authority in relation to building societies.
1
F6The FCA has the following functions under this Act in relation to building socities—
F7a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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.
F51A
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 F10and 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.
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)