SCHEDULES

SCHEDULE 18 Amendments of Financial Services Act 1986

Section 98.

Part I Amendments of Provisions Other Than Schedule 11

I11

The following section shall be substituted for section 23—

23 Friendly societies.

A friendly society which carries on investment business in the United Kingdom is an authorised person as respects any investment business which it carries on for or in connection with any of the activities mentioned in Schedule 2 to the Friendly Societies Act 1992.

I22

In section 113 (periodical fees), for subsection (3) there shall be substituted the following subsection—

3

So long as a friendly society is authorised under section 23 above to carry on investment business it shall pay to the Friendly Societies Commission such periodical fees as the Commission may by regulations specify.

I33

In section 141 (indemnity schemes), in subsection (2), for the words from “the Chief Registrar" onwards there shall be substituted “ the Friendly Societies Commission ”.

I44

In section 179 (restrictions on disclosure of information), in subsection (3), for paragraph (e) there shall be substituted—

e

the Friendly Societies Commission

I55

In section 180 (exceptions from restrictions on disclosure), in subsection (1), for paragraph (h) there shall be substituted—

h

for the purpose of enabling or assisting the Friendly Societies Commission to discharge its functions under this Act, the enactments relating to friendly societies or the enactments relating to industrial assurance

I66

In section 204(1) (service of notices), for the words from “the Chief Registrar" onwards there shall be substituted “ or the Friendly Societies Commission ”.

I77

In section 207(1) (interpretation), the following definitions shall be inserted after the definition of “exempted person"—

“friendly society”, “incorporated friendly society” and “registered friendly society” have the meaning given by section 116 of the Friendly Societies Act 1992

I88

In section 210(3) (expenses and receipts), for the words from “the Chief Registrar" onwards there shall be substituted “ the Friendly Societies Commission ”.

I99

1

In the following provisions of Schedule 14 (restriction of Rehabilitation of Offenders Act 1974)—

a

paragraph 5 of Part I,

b

paragraph 7 of Part II, and

c

paragraph 4 of Part III,

for the words “Chief Registrar of friendly societies, the Registrar of Friendly Societies for Northern Ireland" there shall be substituted “ Friendly Societies Commission ”.

2

In paragraph 6 of Part I of that Schedule, for the word “Registrar" there shall be substituted “ Friendly Societies Commission ”.

Part II Amendments of Schedule 11

I1010

1

Subject to paragraph 11 below, for each of the following phrases—

a

“the Registrar",

b

“the Chief Registrar of friendly societies", and

c

“the Chief Registrar of friendly societies or the Registrar of Friendly Societies for Northern Ireland",

wherever occurring, there shall be substituted the words “ the Commission ”.

2

Subject to sub-paragraph (3) below, for the word “he" or “him", in each place where it occurs, there shall be substituted “ the Commission ”.

3

Sub-paragraph (2) above does not apply where the word “he" or “him" refers to the Secretary of State or to the Chairman of any body.

I1111

1

In paragraph 1, in the definition of “a recognised self-regulating organisation for friendly societies", for the words “an order of the Registrar" there shall be substituted “ a recognition order ”.

2

In that paragraph, in the definition beginning “a member society"—

a

for the words “an appropriate" there shall be substituted “ a ”; and

b

the words from “and, for the purposes" onwards shall be omitted.

3

In that paragraph, for the definition of “the Registrar" there shall be substituted—

“the Commission” means the “Friendly Societies Commission" and;

“recognition order” means—

a

an order made by the Chief Registrar of friendly societies or the Registrar of Friendly Societies for Northern Ireland before Schedule 18 to the Friendly Societies Act 1992 came into force; or

b

an order made by the Commission after that Schedule came into force

I1212

In paragraph 3(1)—

a

for the word “his" there shall be substituted “ the Commission’s ”; and

b

for the words from “an order" onwards there shall be substituted “ a recognition order in respect of the organisation declaring the applicant to be a recognised self-regulating organisation for friendly societies ”.

I1313

In paragraph 4(2), for the words “the Friendly Societies Act 1974, or as the case may be, the Friendly Societies Act (Northern Ireland) 1970" there shall be substituted the words “ Parts V and VIII of the Friendly Societies Act 1992 ”.

I1414

In paragraph 7(1), for the words “himself alter, its rules" there shall be substituted “ itself alter, the rules of the organisation ”.

I1515

In paragraph 13A(6), for the word “his" there shall be substituted “ its ”.

I1616

In paragraph 26, for sub-paragraph (2) there shall be substituted the following sub-paragraph—

2

The powers mentioned in sub-paragraph (1) above are—

a

in relation to a registered friendly society, those under subsection (1) of section 87 (inspection and winding up of registered friendly societies) and subsections (1) and (2) of section 91 (cancellation and suspension of registration) of the Friendly Societies Act 1974;

b

in relation to an incorporated friendly society, those under section 22 (winding up by court: grounds and petitioners) of the Friendly Societies Act 1992; and

c

in relation to a registered friendly society or an incorporated friendly society, those under the following provisions of the Friendly Societies Act 1992, namely, section 36 (imposition of conditions on current authorisation), section 39 (power to direct application for fresh authorisation), section 40 (withdrawal of authorisation in respect of new business), section 51 (power to forbid acceptance of new members), section 52 (application to court), section 62 (power to obtain information and documents etc.), section 65 (investigations on behalf of Commission) and section 66 (inspections and special meetings: general),

and the sections referred to above shall apply in relation to the exercise of those powers by virtue of this paragraph as they apply in relation to their exercise in the circumstances mentioned in those sections

I1717

In paragraph 28(6), for the word “his" there shall be substituted “ its ”.

I1818

In paragraph 29, in sub-paragraph (1)—

a

in paragraph (a) for the word “it" there shall be substituted “ the body ”; and

b

in paragraph (b) for the word “they" there shall be substituted “ the Commission and the Secretary of State ”.

I1919

After paragraph 31 there shall be inserted the following paragraph—

31A

1

Where any functions under this Act are for the time being exercisable by a transferee body the Commission shall, before issuing an authorisation under section 32 of the Friendly Societies Act 1992 to a friendly society which is carrying on or proposes to carry on in the United Kingdom insurance business or non-insurance business which is investment business—

a

seek the advice of the transferee body with respect to any matters which are relevant to those functions of the body and relate to the society, its proposed business or persons who are or will be, within the meaning of the Friendly Societies Act 1992, members of the committee of management or other officers of the society; and

b

take into account any advice on those matters given to the Commission by the transferee body before the application is decided.

2

In sub-paragraph (1) above—

a

“insurance business” has the meaning given by section 117(1) of the Friendly Societies Act 1992; and

b

“non-insurance business” has the meaning given by section 119(1) of that Act.

3

The Commission may for the purpose of obtaining the advice of a transferee body under sub-paragraph (1) above furnish it with any information obtained by the Commission in connection with the application.

I2020

1

In paragraph 37, in sub-paragraph (1), for the words from “powers" onwards there shall be substituted the words “ relevant powers ”.

2

After that sub-paragraph there shall be inserted the following sub-paragraph—

1A

In sub-paragraph (1) above “the relevant powers” means those powers specified in paragraph 26(2).

I2121

After paragraph 40 there shall be inserted the following paragraph—

40A

1

In the case of an application for authorisation under section 26 of this Act made by an incorporated friendly society section 27(3) shall have effect as if the following paragraph were substituted for paragraph (a)—

"

to any member of the committee of management or any director or controller of a subsidiary of the society or of a body jointly controlled by the society."

2

Where the other person mentioned in paragraph (b) of the definition of “connected person” in section 105(9) of this Act is an incorporated friendly society that paragraph shall have effect with the substitution for the words from “director" onwards of the words “member of the committee of management of the society or any director, secretary or controller of a subsidiary of the society or a body jointly controlled by the society."

I2222

For paragraph 45 there shall be substituted the following paragraph—

45

1

Any power of the Commission to make regulations, rules or orders which is exercisable by virtue of this Act shall be exercisable by statutory instrument and the Statutory Instruments Act 1946 shall apply to any such power as if the Commission were a Minister of the Crown.

2

Any regulations, rules or orders made under this Schedule by the Commission may make different provision for different cases.