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- Point in Time (03/10/2017)
- Original (As enacted)
Point in time view as at 03/10/2017.
There are currently no known outstanding effects for the Friendly Societies Act 1992, Cross Heading: Power of appropriate authority to require second audit.
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Textual Amendments
F1Words in Sch. 14 para. 9 cross-heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 55(4) (with Sch. 12)
9(1)Where a person appointed auditor under this Schedule was, for any part of the period during which the audit was conducted, ineligible for appointment to that office, the [F2appropriate authority] may direct the friendly society or registered branch concerned to retain a person eligible for appointment as auditor under this Schedule—U.K.
(a)to audit the relevant accounts again; or
(b)to review the first audit and to report (giving his reasons) whether a second audit is needed;
and the society or branch shall comply with such a direction within 21 days of its being given.
(2)If a second audit is recommended, the society or branch shall forthwith take such steps as are necessary to comply with the recommendation.
[F3(3)Where a direction is given to a society or branch under this paragraph the [F4PRA must send a copy of the direction to the FCA and the FCA must] place a copy of the direction in the public file of the society.
(3A)Where a society or branch receives a report under sub-paragraph (1)(b) above, it shall within 21 days send a copy of it to the [F5FCA and, if the society is a PRA-authorised person, the PRA, and the FCA must place a copy of the report] in the public file.]
(4)Any statutory or other provisions applying in relation to the first audit shall apply, so far as practicable, in relation to a second audit under this paragraph.
(5)If a society or branch fails to comply with the requirements of this paragraph, it is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale; and in the case of a continuing offence to an additional fine not exceeding [F6one-tenth of that level] [F6one-tenth of the greater of £5,000 or level 4 on the standard scale] for every day during which the offence continues.
(6)A direction under this paragraph is, on the application of the [F7appropriate authority], enforceable by injunction or, in Scotland, by an order under section 45 of the M1Court of Session Act 1988.
(7)If a person accepts an appointment, or continues to act, as an auditor under this Act at a time when he knows he is ineligible, the society concerned may recover from him any costs incurred by it in complying with the requirements of this paragraph.
Textual Amendments
F2Words in Sch. 14 para. 9(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 55(5)(a) (with Sch. 12)
F3Sch. 14 para. 9(3)(3A) substituted (17.8.2001 or specified purposes and otherwise 1.12.2001) for Sch. 14 para. 9(3) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 127(d)(ii) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F4Words in Sch. 14 para. 9(3) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 55(5)(b) (with Sch. 12)
F5Words in Sch. 14 para. 9(3A) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 55(5)(c) (with Sch. 12)
F6Words in Sch. 14 para. 9(5) substituted (E.W.) (12.3.2015) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Fines on Summary Conviction) Regulations 2015 (S.I. 2015/664), reg. 1(1), Sch. 3 para. 7(4)(b) (with reg. 5(1))
F7Words in Sch. 14 para. 9(6) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 55(5)(d) (with Sch. 12)
Commencement Information
I1Sch. 14 para. 9 wholly in force; Sch. 14 para. 9 not in force at Royal Assent see s. 126(2); Sch. 14 para. 9 in force for certain purposes at 13.1.1993 by S.I. 1993/16, art. 2, Sch. 1; Sch. 14 para. 9 in force to the extent not already in force at 1.1.1994 by S.I. 1993/2213, art. 2(1), Sch. 5
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