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Financial Services (Banking Reform) Act 2013
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- 07/12/2021
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There are currently no known outstanding effects for the Financial Services (Banking Reform) Act 2013, Paragraph 16.
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16U.K.After section 117 insert—
“117AAlteration of financial year
(1)A building society may by notice given to the FCA specify a new year-end date.
(2)A notice given under subsection (1) has effect in relation to—
(a)the financial year in which the notice is given (“the current financial year”), and
(b)subsequent financial years.
(3)The notice must state whether the current financial year—
(a)is to be shortened, so as to come to an end on the first occasion on which the new year-end date falls or fell after the beginning of the current financial year, or
(b)is to be extended, so as to come to an end on the second occasion on which that date falls or fell after the beginning of the current financial year.
(4)A notice extending a building society's financial year is not effective if given less than 5 years after the end of an earlier financial year of the society that was extended under this section.
(5)A financial year of a building society may not be extended so as to exceed 18 months and a notice under subsection (1) is ineffective if the current financial year as extended in accordance with the notice would exceed that limit.”
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