The Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001

5.—(1) Section 57 of that Act (provisions supplementary to the three preceding sections) is amended as follows.

(2) Subsection (1) is repealed.

(3) For subsection (5)(1) substitute—

“(5) Subject to subsection (5A), any contravention by an industrial assurance company, a collecting society, or a friendly society of provisions of regulations under this section is to be treated as if it were a contravention of a requirement imposed under the Financial Services and Markets Act 2000 (with the effect that Part XIV of that Act applies).”.

(4) After subsection (5) insert—

“(5A) A contravention of the kind mentioned in subsection (5) is not actionable under section 150 of the Financial Services and Markets Act 2000 (actions for damages).

(5B) Nothing in subsection (5) prejudices the operation of section 16 of the Interpretation Act 1978 in relation to any legal proceedings in respect of, or any penalty which may be imposed in relation to, a contravention of the kind mentioned in that subsection committed before 1st December 2001.”.

(1)

Subsection (5) was repealed in relation to industrial assurance companies by the Companies Act 1967 (c. 81), section 130(4), Schedule 8, Part V, and provision similar to subsection (5) was made by section 86(1)(a) of that Act in relation to any contravention by an industrial assurance company of regulations made under section 57 of the Reserve and Auxiliary Forces (Protection of Civil Interests) Act 1951. Section 86 of the Companies Act 1967 is repealed by this Order.