F1Part I FUNCTIONS OF THE AUTHORITY
F11 Functions of the Financial Services Authority in relation to friendly societies.
1
The Financial Services Authority (“the Authority") has the following functions under this Act and the 1974 Act in relation to friendly societies—
a
to secure that the purposes of each friendly society are inconformity with this Act and any other enactment regulating the purposes of friendly societies;
b
to administer the system of regulation of the activities of friendly societies provided for by or under this Act and the 1974 Act; and
c
to advise and make recommendations to the Treasury and other government departments on any matter relating to friendly 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.
F12 Financial provision for Commission.
1
There shall be charged on friendly societies such a general charge towards the expenses of the Commission and such fees in respect of the exercise of its functions as are authorised under this section.
2
The Treasury may, by regulations, make provision for—
a
a general charge to be levied on friendly societies with respect to each accounting year of the Commission and to be paid at such rate computed by reference to such criteria, at such time and in such manner as may be prescribed by the regulations; and
b
fees of such amounts as may be so prescribed to be paid by friendly societies in respect of the exercise of the Commission’s functions in relation to them.
3
The provision to be made from time to time under subsection (2) above, by way of the general charge and fees, shall be such as to produce an annual revenue of the Commission sufficient to meet its expenses properly chargeable to revenue account, taking one year with another.
4
Regulations under subsection (2) above may include provision for any fees payable by societies to be reduced or for payment of any fees to be waived by the Commission in circumstances determined by or under the regulations.
5
The amounts received by the Commission under this section shall be applied as an appropriation in aid of money provided by Parliament for the expenses of the Commission, and in so far as not so applied, shall be paid into the Consolidated Fund.
6
In this Part of this Act “accounting year”, in relation to the Commission, means the period of 12 months ending with 31st March in any year, except that the Commission’s first accounting year shall end on 31st March 1993.
F13 Accounts of Commission and audit.
1
The Commission shall keep proper accounts and proper accounting records and shall prepare in respect of each accounting year a statement of accounts in such form as the Treasury may direct.
2
The statement of the accounts required by subsection (1) above may be combined with the statement of the accounts of the Chief Registrar which he is required to prepare as regards his functions.
3
The Commission shall send to the Treasury and to the Comptroller and Auditor General, before the end of the period of seven months after the end of each accounting year, a copy of the statement of accounts for that year.
4
The Comptroller and Auditor General shall examine, certify and report on every statement of accounts received by him from the Commission and shall lay a copy of the statement and of his report thereon before each House of Parliament.
F14 Annual and other reports.
1
It shall be the duty of the Commission to lay before the Treasury and before Parliament as soon as possible after the end of each accounting year a report on the discharge of its functions during that year.
2
The Commission may lay before Parliament from time to time such other reports relating to the discharge of its functions, whether in relation to friendly societies generally or a particular friendly society, as it thinks fit.
Pt. 1 (s. 1) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) for Pt. 1 (ss. 1-4) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 Pt. 1 para. 54 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)