The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001

Friendly societies authorised under the Friendly Societies Act U.K.

18.—(1) This article applies to a friendly society which was, immediately before commencement, authorised under section 32 of the Friendly Societies Act or deemed to have been authorised under that section.

(2) A friendly society to which this article applies is to be treated as having, at commencement, a Part IV permission to carry on—

(a) any regulated activities which, immediately before commencement, it was by reason of its authorisation under section 32 of the Friendly Societies Act able to carry on without contravening section 31(1) of that Act(1); and

(b) any regulated activities which it would then have been able so to carry on but for—

(i) a restriction imposed under section 32(4) of the Friendly Societies Act(2); or

(ii) a direction given under section 40 of that Act(3) (withdrawal of authorisation in respect of new business);

(c) any regulated activity of the kind specified by article 5 of the Regulated Activities Order (accepting deposits) which it had power to carry on by virtue of section 7(2) or (4) of the Friendly Societies Act.

(3) Where immediately before commencement a direction that a society cease to be authorised has been given under section 41 of the Friendly Societies Act(4) but that direction has not come into effect by virtue of section 58(3) of that Act—

(a) paragraph (2) applies to that society as if no direction had been given; but

(b) the permission to carry on the regulated activities referred to in paragraph (2) lapses at the end of the period within which an appeal can be brought against the direction unless such an appeal is brought within that period.

(4) Where a date falling after commencement (“the expiry date”) had been fixed for the expiry of the society’s authorisation under section 39(5) of the Friendly Societies Act, the society’s permission to carry on the regulated activities referred to in paragraph (2) (to the extent that those activities relate to contracts of insurance covered by the direction) lapses on whichever is the later of—

(a) the expiry date; or

(b) the end of the period within which the society can bring an appeal against the decision to refuse authorisation,

but that permission does not so lapse if an appeal is brought within the period mentioned in sub-paragraph (b).

Commencement Information

I1 Art. 18 in force at 1.12.2001, see art. 1(2)(b)

(1)

In relation to the effect of authorisation under Part IV of the Friendly Societies Act, relevant amendments to that Part were made by S.I. 1993/2519 and S.I. 1994/1984.

(2)

Section 32(4) of the Friendly Societies Act was substituted by reg. 4 of S.I. 1994/1984.

(3)

Section 40 was amended by S.I. 1994/1984.

(4)

Section 41 was amended by S.I. 1994/1984 and S.I. 1997/2849.