The Financial Services Act 2012 (Mutual Societies) Order 2013
In accordance with section 116(1) of the 2012 Act, a draft of this instrument was laid before Parliament and approved by a resolution of each House of Parliament:
Citation and commencement1.
(1)
This Order may be cited as the Financial Services Act 2012 (Mutual Societies) Order 2013 and, comes into force on 1st April 2013.
Transfer of functions to the Financial Conduct Authority and the Prudential Regulation Authority2.
The following Schedules to this Order have effect—
(a)
(b)
(c)
Schedule 11 (which makes amendments consequential on Schedules 2 to 10);
(d)
Schedule 12 (which makes transitional provision).
SCHEDULE 1Application of the Financial Services and Markets Act 2000 to transferred functions
Interpretation
1.
In this Schedule—
(a)
(i)
(ii)
for any purpose incidental to or in connection with the carrying out of such functions (including expenditure incurred before 1st April 2013 in preparation for the assumption of those functions); and
(b)
any reference to a section or Schedule is a reference to FSMA 2000.
General
2.
(1)
For the purposes of the provisions specified in sub-paragraph (2), functions transferred by this Order are to be treated as functions conferred on the FCA under a provision of FSMA 2000.
(2)
The provisions are—
(a)
section 1A(3) and Schedule 1ZA (which make general provision in relation to the FCA and its functions);
(b)
section 1S (reviews);
(c)
section 3D (duty of FCA and PRA to ensure co-ordinated exercise of functions);
(d)
section 3E (memorandum of understanding);
(e)
(f)
(g)
3.
(1)
For the purposes of the provisions specified in sub-paragraph (2), functions transferred by this Order are to be treated as functions conferred on the PRA under a provision of FSMA 2000.
(2)
The provisions are—
(a)
section 2A(3) and Schedule 1ZB (which make general provision in relation to the PRA and its functions);
(b)
sections 2B to 2I (the PRA’s general duties);
(c)
(d)
sections 3D (duty of FCA and PRA to ensure co-ordinated exercise of functions);
(e)
section 3E (memorandum of understanding); and
(f)
sections 3I to 3K (power of PRA to restrain proposed action by FCA).
4.
As it applies by virtue of paragraphs 2(2)(e) and 3(2)(f), section 3I (power of PRA to require FCA to refrain from specified action) is to be read as if—
(a)
the references in subsection (2) of that section to regulatory powers were references to the functions transferred by this Order; and
(b)
subsections (2)(b) and (3) of that section were omitted.
5.
(1)
The FCA must maintain arrangements designed to enable it to determine whether persons are complying with requirements imposed on them by or under—
(a)
the legislation relating to mutual societies;
(b)
(c)
Rules relating to fees
6.
(1)
This paragraph applies if the FCA makes, or proposes to make, rules under paragraph 23 of Schedule 1ZA (the Financial Conduct Authority: fees) which require the payment to the FCA of fees which relate in whole or in part to mutuals expenditure.
(2)
In the application of paragraph 23 of Schedule 1ZA to the rules, the reference to fees and charges provided for by any other provision of FSMA 2000 includes a reference to fees and charges provided for by any provision of the legislation relating to mutual societies.
(3)
To the extent that the fees relate to mutuals expenditure—
(a)
(b)
7.
(1)
This paragraph applies if the PRA makes, or proposes to, make rules under paragraph 31 of Schedule 1ZB (the Prudential Regulation Authority: fees) which require the payment to the PRA of fees which relate in whole or in part to mutuals expenditure.
(2)
In the application of paragraph 31 of Schedule 1ZB to the rules, the reference to fees and charges provided for by any other provision of FSMA 2000 includes a reference to fees and charges provided for by any provision of the legislation relating to mutual societies.
(3)
To the extent that the fees relate to mutuals expenditure, the rules are not to be treated as a “regulating provision” within the meaning of section 140A(1).
Guidance
8.
9.
(1)
This paragraph applies if guidance is given by the FCA under section 139A on the operation of a rule of the kind mentioned in paragraph 6 above.
(2)
To the extent that the fees required to be paid by the rule relate to mutuals expenditure, the guidance is not to be treated as a “regulating provision” within the meaning of section 140A(1).
10.
(1)
This paragraph applies if general guidance is given by the FCA under section 139A with respect to any matter relating to functions exercisable under, or to any provision of or made under, the legislation relating to mutual societies, unless paragraph 8 above applies.
(2)
The guidance is not to be treated as a “regulating provision” within the meaning of section 140A(1).
F1SCHEDULE 2Amendments of the Industrial and Provident Societies Act 1965
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1SCHEDULE 3Amendments of the Industrial and Provident Societies Act 1967
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1SCHEDULE 4Amendments of the Friendly and Industrial and Provident Societies Act 1968
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 5Amendments of the Friendly Societies Act 1974
1.
2.
(1)
In the provisions listed in sub-paragraph (2)—
(a)
for “Authority” substitute “FCA”; and
(b)
for “Authority’s” substitute “FCA’s”.
(2)
The provisions are—
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(l)
(m)
(n)
(o)
(p)
(q)
(r)
(s)
(t)
(u)
(v)
(w)
(x)
3.
4.
5.
6.
(1)
(2)
In subsection (1), for “Authority”—
(a)
in the opening words of that subsection, substitute “appropriate authority”; and
(b)
in paragraph (b), in each place, substitute “FCA and, if the registered society or branch is a PRA-authorised person, the PRA”.
(3)
In subsection (2), for “Authority” substitute “appropriate authority”.
(4)
In the heading, for “Authority’s power” substitute “Power of appropriate authority”.
7.
(1)
(2)
In subsection (1)—
(a)
in paragraph (b), for “Authority” substitute “FCA and, if the registered society or branch is a PRA-authorised person, the PRA”; and
(b)
in the closing words of that subsection, for “Authority” substitute “appropriate authority”.
(3)
In subsection (3)—
(a)
in the opening words of that subsection, omit “to the Authority”; and
(b)
in paragraph (b), for “Authority” substitute “appropriate authority”.
(4)
In subsection (5), for “Authority” substitute “appropriate authority”.
(5)
In subsection (6)—
(a)
in the opening words of that subsection—
(i)
for “Authority” substitute “appropriate authority”; and
(ii)
for “Authority’s” substitute “its”; and
(b)
in paragraph (b), omit “to the Authority”.
8.
(1)
(2)
In subsection (2), for “the Authority”, in each place, substitute “the FCA and, if the registered society or branch is a PRA-authorised person, the PRA”.
(3)
In subsection (4)—
(a)
in the opening words of that subsection, for “Authority”, in each place, substitute “appropriate authority”; and
(b)
in paragraph (b), for “Authority”, in each place, substitute “FCA and, if the registered society or branch is a PRA-authorised person, the PRA”.
(4)
In subsection (5), for “Authority” substitute “appropriate authority”.
9.
“(7)
If the registered society or branch is a PRA-authorised person, it shall send to the PRA a copy of the annual return sent to the FCA under subsection (1).”.
10.
11.
12.
“(4A)
Before making a finding under subsection (4) in relation to a society which is a PRA-authorised person, the FCA must consult the PRA.”.
13.
(1)
(2)
In subsection (1), for “Authority”—
(a)
in the first place, substitute “FCA or the PRA”; and
(b)
in the second place, substitute “FCA, after consulting the PRA, or the PRA, after consulting the FCA,”.
(3)
“(3)
Subsection (1) does not require the FCA to consult the PRA if the society in question is not a PRA-authorised person.
(4)
The PRA may only present a petition under subsection (1) in respect of a society which is a PRA-authorised person.”.
(4)
In the heading, for “Authority” substitute “FCA and of PRA”.
14.
15.
(a)
in the first place, substitute “FCA, having consulted the PRA if the society is a PRA-authorised person,”, and
(b)
in each other place, substitute “FCA”.
16.
17.
(1)
(2)
In subsection (2)(d), for “Authority” substitute “FCA or the PRA”.
(3)
“(4A)
If the society or branch is a PRA-authorised person, a copy of the instrument and declaration sent to the FCA under paragraph (4) shall be sent to the PRA.”.
18.
(1)
(2)
In subsections (1), (3), (4) and (6), for “Authority”, in each place, substitute “appropriate authority”.
(3)
“(3A)
The PRA must consult the FCA before making an award and direction under subsection (3).”.
19.
(1)
(2)
In subsections (1), (2) and (4), for “Authority”, in each place, substitute “appropriate authority”.
(3)
“(1A)
The PRA must consult the FCA before making an award or a direction under subsection (1).”.
20.
21.
22.
(1)
(2)
“(1B)
Summary proceedings for an offence under a provision listed in subsection (1C) may also be commenced by the PRA, in the circumstances specified in that subsection in relation to that provision, after notifying the FCA.
(1C)
The provisions and the circumstances are—
(a)
section 32 (audit of exempt societies and branches), if the failure referred to in subsection (4) of that section is a failure to comply with a direction given by the PRA under subsection (2) of that section;
(b)
section 39C (power to require accounts of past years to be audited), if the failure referred to in subsection (2) of that section is a failure to comply with a direction given by the PRA under subsection (1) of that section; and
(c)
section 98 (offences), if the neglect or refusal referred to in subsection (1)(b) of that section relates to an act or information required by the PRA.”.
(3)
In subsection (2), for “Authority” substitute “FCA or the PRA”.
23.
24.
In section 110(2) and (2A), for “Authority” substitute “FCA or the PRA”.
25.
(a)
omit the definition of “the Authority”; and
(b)
““the appropriate authority” means—
(a)
in relation to a society which is a PRA-authorised person, the PRA; and
(b)
in relation to a society which is not a PRA-authorised person, the FCA;”;
““the FCA” means the Financial Conduct Authority;”;
““the PRA” means the Prudential Regulation Authority;”; and
““PRA-authorised person” has the meaning in section 2B of the Financial Services and Markets Act 2000;”.
SCHEDULE 6Amendments of the Credit Unions Act 1979
1.
2.
(1)
(2)
In subsection (1)—
(a)
in paragraph (a), for “Authority” substitute “FCA”;
(b)
in paragraph (d), for “to the Authority for Part IV permission under section 40” substitute “for permission under Part 4A”;
(c)
at end of paragraph (d), omit “and”; and
(d)
“(e)
the FCA is satisfied that, once registered under the 1965 Act, the society will satisfy, and continue to satisfy, the threshold conditions (within the meaning of section 55B(1) of the 2000 Act) for which the FCA is responsible in relation to the regulated activity of accepting deposits; and
(f)
the PRA is satisfied that, once registered under the 1965 Act, the society will satisfy, and continue to satisfy, the threshold conditions (within the meaning of section 55B(1) of the 2000 Act) for which the PRA is responsible in relation to the regulated activity of accepting deposits.”.
(3)
“(1A)
The PRA must notify the FCA if it is satisfied as mentioned in paragraph (f) of subsection (1).
(1B)
The FCA must not issue an acknowledgement of registration under section 2(3) of the 1965 Act to a credit union unless—
(a)
if the FCA is the appropriate regulator (within the meaning of section 55A of the 2000 Act), it proposes to give that society permission under Part 4A of the 2000 Act to accept deposits;
(b)
if the PRA is the appropriate regulator (within the meaning of section 55A of the 2000 Act), the PRA proposes to give that society permission under Part 4A of the 2000 Act to accept deposits.
(1C)
The PRA must notify the FCA if it proposes to give that society permission under Part 4A of the 2000 Act to accept deposits.
(1D)
If the FCA issues an acknowledgement of registration to a credit union under that section, the appropriate regulator (within the meaning of section 55A of the 2000 Act) must determine any outstanding application of that credit union for permission under Part 4A of the 2000 Act to accept deposits as soon as reasonably possible thereafter.”.
3.
4.
5.
(1)
(2)
In subsection (3)(b), for “Authority” substitute “FCA”.
(3)
In subsection (3A)(a), for “Part IV permission under the 2000 Act” substitute “permission under Part 4A of the 2000 Act”.
6.
(1)
(2)
In subsection (1), for “Authority”, in each place, substitute “FCA”.
(3)
“(1A)
The FCA must consult the PRA before determining any provision under subsection (1)(b) which relates to credit unions which are PRA-authorised persons.”.
7.
8.
9.
10.
In the cross-heading above section 17, for “registrar” substitute “FCA and PRA”.
11.
(1)
(2)
In subsection (1), for “Authority” substitute “FCA”.
(3)
“(1A)
The PRA may, in connection with the exercise of its functions under this Act, exercise in relation to a credit union the powers of the FCA under subsection (1) of section 48 of the 1965 Act to require the production of books, accounts and other documents and the furnishing of information, and subsections (2) and (3) of section 48 of the 1965 Act (penalties and defraying expenses) shall apply accordingly.”.
12.
(1)
(2)
In subsections (1) and (2), for “Authority” substitute “FCA or the PRA”.
(3)
“(4)
The FCA and the PRA must each notify the other before appointing an inspector or calling a meeting under subsection (1) in relation to a society which is a PRA-authorised person.”.
13.
(1)
(2)
“(1A)
The FCA may also exercise the power to cancel the registration of a credit union under section 16 of the 1965 Act if the credit union’s permission under Part 4A of the 2000 Act has been cancelled or if the credit union has received a warning notice under section 55Z of the 2000 Act.
(1B)
The FCA must not cancel the registration of a credit union under section 16 of the 1965 Act by virtue of subsection (1A) unless the appropriate regulator (within the meaning of section 55A of the 2000 Act) has cancelled the credit union’s permission under Part 4A of the 2000 Act and there is no possibility (or no further possibility) of that determination of the appropriate regulator being reversed or varied.”.
(3)
In subsection (1D), for “Authority”, in each place, substitute “FCA”.
(4)
“(1E)
If the credit union is a PRA-authorised person, the FCA must consult the PRA before cancelling the registration of the credit union by virtue of subsection (1A).”.
(5)
In subsection (2), for “Authority”, in each place, substitute “FCA or the PRA”.
(6)
“(3)
The FCA and the PRA must each consult the other before presenting a petition under subsection (2).”.
14.
(1)
(2)
In subsection (3), for “The Authority” substitute “In relation to a credit union which is not a PRA-authorised person, the FCA”.
(3)
“(3A)
In relation to a credit union which is a PRA-authorised person—
(a)
the FCA shall not register a special resolution under section 50 or section 51 of the 1965 Act if the PRA informs the FCA that it is of the opinion that that paragraph (a) or (b) of subsection (3) applies, and
(b)
the PRA must consult the FCA before determining its opinion.”.
15.
(1)
(2)
In subsection (3)—
(a)
in the opening words, for “Authority” substitute “FCA”; and
(b)
in paragraph (b), omit “made by the Authority under the 2000 Act”.
(3)
“(4)
In subsection (3), “applicable rules” are—
(a)
if the credit union is a PRA-authorised person, rules made by the PRA or the FCA under the 2000 Act; and
(b)
if the credit union is not a PRA-authorised person, rules made by the FCA under the 2000 Act.”.
16.
17.
18.
(1)
(2)
In subsection (1), for “Authority”, in each place, substitute “FCA”.
(3)
In subsection (2), for “the Authority” substitute “each of the FCA and the PRA”.
19.
SCHEDULE 7Amendments of the Credit Unions (Northern Ireland) Order 1985
1.
2.
(1)
Article 2 (interpretation) is amended as follows.
(2)
In paragraph (2)—
(a)
in the definition of “authorised bank”, in paragraph (a), for “Part 4” substitute “Part 4A”;
(b)
omit the definition of “the Authority”;
(c)
““the appropriate authority” means—
(a)
in relation to a credit union which is a PRA-authorised person, the PRA; and
(b)
in relation to a credit union which is not a PRA-authorised person, the FCA;”;
““the FCA” means the Financial Conduct Authority;”;
““the PRA” means the Prudential Regulation Authority;”; and
““PRA-authorised person” has the meaning in section 2B of the 2000 Act;”.
3.
“(4)
In the exercise of the registrar’s functions under this Order, the registrar must cooperate with the FCA and the PRA in the exercise by those authorities of any of their functions in relation to credit unions.
(5)
The registrar may share with each of the FCA and the PRA any information obtained by the registrar relating to credit unions which each of those authorities might reasonably require for the purpose of the performance of any of its functions in relation to credit unions.”.
4.
(1)
Article 3 (registration) is amended as follows.
(2)
“(d)
the society has made an application for a permission under Part 4A of the 2000 Act to accept deposits;
(e)
the FCA is satisfied that, once registered under this Order, the society will satisfy, and continue to satisfy, the threshold conditions (within the meaning of section 55B(1) of the 2000 Act) for which the FCA is responsible in relation to the regulated activity of accepting deposits; and
(f)
the PRA is satisfied that, once registered under this Order, the society will satisfy, and continue to satisfy, the threshold conditions (within the meaning of section 55B(1) of the 2000 Act) for which the PRA is responsible in relation to the regulated activity of accepting deposits.”.
(3)
“(1A)
The FCA must notify the registrar in writing if it is satisfied as mentioned in paragraph (1)(e).
(1B)
The PRA must notify the registrar in writing if it is satisfied as mentioned in paragraph (1)(f).”.
5.
“(2A)
The registrar must not issue an acknowledgement of registration under paragraph (2) unless the appropriate regulator (within the meaning of section 55A of the 2000 Act) has confirmed to the registrar that it proposes to give the society permission under Part 4A of that Act to accept deposits.”.
6.
In Article 31(3)(c) (charges on assets of credit unions), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
7.
In Article 36(3) (application of surplus), for “Authority under the 2000 Act” substitute “FCA under the 2000 Act and, if the society is a PRA-authorised person, rules made by the PRA under the 2000 Act”.
8.
In Article 49(3)(b) and (4) (annual returns), for “Authority” substitute “appropriate authority”.
9.
(1)
Article 53 (duties of receiver or manager of credit union’s property) is amended as follows.
(2)
Number the existing provision as paragraph (1).
(3)
In that paragraph (1), for “the Authority”, in each place, substitute “the appropriate person”.
(4)
In that paragraph (1), in sub-paragraph (b), omit the parenthesis after “1 month”.
(5)
“(2)
In this article, “the appropriate person” means—
(a)
the registrar;
(b)
the FCA; and
(c)
if the society is a PRA-authorised person, the PRA.
(3)
The registrar, the FCA and, if the society is a PRA-authorised person, the PRA may each allow a period of longer than 1 month for the delivery of returns to it under paragraph (1)(b).”.
10.
In Article 60(1) (cancellation of registration), for “the Authority” substitute “the FCA and, if the society is a PRA-authorised person, the PRA”.
11.
Article 61(1) (suspension of registration), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
12.
“(b)
the society has not made an application under Part 4A of the 2000 Act to accept deposits; or
(c)
the FCA or the PRA has not confirmed to the registrar that it is satisfied that, once registered under this Order, the society will satisfy, and continue to satisfy, the threshold conditions (within the meaning of section 55B(1) of the 2000 Act) for which it is responsible in relation to the regulated activity of accepting deposits.”.
13.
Article 63 (petition for winding-up), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
14.
(1)
Article 65 (amalgamation of credit unions) is amended as follows.
(2)
In paragraph (7), for “Authority” substitute “appropriate authority”.
(3)
“(8)
If the appropriate authority is the PRA, it must consult the FCA before giving its confirmation under paragraph (7).”.
15.
(1)
Article 66 (transfer of engagements between credit unions) is amended as follows.
(2)
In paragraph (4), for “Authority” substitute “appropriate authority”.
(3)
“(5)
If the appropriate authority is the PRA, it must consult the FCA before giving its confirmation under paragraph (4).”.
16.
(1)
Schedule 1 (matters to be provided for in rules of credit union) is amended as follows.
(2)
In paragraph 7, for “the Authority” substitute “each of the FCA and the PRA”.
(3)
In paragraph 11, for “the Authority” substitute “each of the FCA and the PRA”.
SCHEDULE 8Amendments of the Building Societies Act 1986
1.
2.
In the heading of Part I, for “Authority” substitute “Financial Conduct Authority and the Prudential Regulation Authority”.
3.
(1)
(2)
In subsection (1)—
(a)
for “The Financial Services Authority (“the Authority”)” substitute “The FCA”; and
(b)
omit paragraph (a).
(3)
“(1A)
The PRA has the following functions under this Act in relation to building societies—
(a)
to secure that the principal purpose of building societies remains that of making loans which are secured on residential property and are funded substantially by their members;
(b)
to administer the system of regulation of building societies provided by or under this Act, but only in so far as sections 5, 6, 7, 9A and 9B confer functions on the PRA; and
(c)
to advise and make recommendations to the Treasury and other government departments on any matter relating to building societies.”.
(4)
In subsection (2)—
(a)
for “Authority also has” substitute “FCA and the PRA also have”; and
(b)
for “it” substitute “them respectively”.
(5)
In the heading, for “Financial Services Authority” substitute “Financial Conduct Authority and the Prudential Regulation Authority”.
4.
(1)
(2)
In subsection (2), for “Authority” substitute “FCA”.
(3)
In subsection (4A), for “Authority” substitute “appropriate authority”.
(4)
“(a)
section 1(1A)(a) (functions of the Prudential Regulation Authority in relation to building societies);”.
5.
(1)
(2)
In subsection (5)(a), for “Authority” substitute “appropriate authority”.
(3)
“(a)
in respect of its business in effecting or carrying out contracts of long term insurance in accordance with rules made by—
(i)
the FCA under section 137A of the Financial Services and Markets Act 2000, or
(ii)
the PRA under section 137G of that Act,
which require an authorised person who has permission to effect or carry out contracts of insurance to identify assets which belong to that person and which are maintained in respect of a particular aspect of that person’s business; or”.
(4)
In subsection (15), for “Authority” substitute “appropriate authority”.
6.
7.
8.
9.
In the heading to Part 6, for “Authority” substitute “appropriate authority”.
10.
(1)
(2)
For “Authority”, in each place, substitute “appropriate authority”.
(3)
In subsection (5)(b), before “of the result” insert “and, if the appropriate authority is the PRA, the FCA”.
(4)
In subsection (6), before “of the option” insert “and, if the appropriate authority is the PRA, the FCA”.
(5)
“(17)
The PRA must consult the FCA before issuing a direction under this section.”.
11.
(1)
(2)
For “Authority”, in each place, substitute “appropriate authority”.
(3)
“(5E)
The PRA must consult the FCA about the terms of the prohibition order in question before giving a warning notice or a decision notice under this section.”.
(4)
In subsection (6), omit “, and shall keep a copy of the order in the public file of the society”.
(5)
“(9A)
The PRA must give the FCA a copy of any order issued under this section.
(9B)
The FCA must keep a copy of any order issued under this section in the public file of the society.”.
12.
(1)
(2)
In subsections (1) and (2), for “Authority”, in each place, substitute “appropriate authority”.
(3)
“(4)
Where the High Court makes an order under subsection (3)—
(a)
if the appropriate authority is the PRA, it must give a copy of the order to the FCA; and
(b)
in any case, the FCA must keep a copy of the order in the public file of the society.”.
13.
(1)
(2)
In subsections (1) to (5), for “Authority”, in each place, substitute “appropriate authority”.
(3)
In subsection (1), for “Part IV” substitute “Part 4A”.
(4)
In subsection (2)—
(a)
for “section 45” substitute “section 55J (variation or cancellation on initiative of regulator), section 55L (imposition of requirements by FCA) or section 55M (imposition of requirements by PRA)”; and
(b)
omit “(power to vary or cancel a Part IV permission on the Authority’s own initiative)”.
(5)
“(5A)
The PRA must consult the FCA before giving a direction under this section.”.
14.
(1)
(2)
In subsection (1), for “Authority” substitute “appropriate authority”.
(3)
“(1A)
If the appropriate authority is the PRA, it must consult the FCA before varying or revoking a direction.”.
15.
16.
(1)
(2)
In subsection (1), for “Authority of any of its functions” substitute “FCA or the PRA of any of their respective functions”.
(3)
In subsection (5), for “Authority”—
(a)
in the opening words of that subsection, substitute “FCA and the PRA”; and
(b)
in paragraphs (a) to (d) of that subsection, in each place, substitute “it”.
(4)
In subsection (5A), for “Authority”—
(a)
in the opening words of that subsection, substitute “FCA or the PRA”; and
(b)
in paragraphs (a) to (c) of that subsection, in each place, substitute “body which authorised the person”.
(5)
In subsection (6)—
(a)
for “Authority has power”, substitute “FCA or the PRA has power”; and
(b)
for “Authority or authorised officer” in each place, substitute “FCA, the PRA or the authorised officer (as the case may be)”.
(6)
In subsection (9)—
(a)
for “Authority or an authorised officer” substitute “FCA, the PRA or an authorised officer”; and
(b)
for “Authority or authorised officer” substitute “FCA, the PRA or the authorised officer (as the case may be)”.
(7)
In subsection (13), for “Authority” substitute “FCA or the PRA”.
17.
18.
(1)
(2)
“(i)
the FCA;
(ia)
the PRA;”.
(3)
In subsection (1)(b)(ii) and (iii), for “Authority”, in each place, substitute “FCA or the PRA”.
(4)
In subsection (2)(b), for “Authority” substitute “FCA or the PRA”.
19.
(1)
(2)
For “Authority”, in each place, substitute “FCA or the PRA”.
(3)
In the heading, for “Authority” substitute “FCA or PRA”.
20.
(1)
(2)
In subsection (1), for “the Authority”—
(a)
in the first place, substitute “the FCA or the PRA”; and
(b)
in the second place, substitute “it”.
(3)
In subsection (6), for “Authority” substitute “FCA or the PRA”.
(4)
In the heading, for “Authority” substitute “FCA or PRA”.
21.
(1)
(2)
In subsection (1), for “Authority” substitute “FCA and the PRA”.
(3)
“(1A)
The FCA must consult the PRA before exercising the power in subsection (1).
(1B)
The PRA must consult the FCA before exercising the power in subsection (1).”
(4)
In subsections (2) and (3) for “Authority”, in each place, substitute “FCA or the PRA (as the case may be)”.
(5)
In subsection (4), for “Authority” substitute “body exercising its powers under subsection (1)”.
(6)
In subsection (6), for “Authority”, in each place, substitute “body to which the application was made”.
(7)
In subsection (7)—
(a)
for “Before exercising” substitute “Before the FCA or the PRA exercises”; and
(b)
for “the Authority”—
(i)
in the first place, substitute “it”; and
(ii)
in the second place, substitute “the body exercising its powers under subsection (1)”.
(8)
In subsection (8), for “Authority” substitute “FCA or the PRA”.
(9)
In subsection (10), for “Authority”, in each place, substitute “body exercising its powers under subsection (1)”.
22.
(1)
(2)
In subsection (1), omit “by the Authority”.
(3)
In subsections (7), (8), (8A), (9) and (10), for “Authority”, in each place, substitute “body which appointed the inspectors”.
23.
24.
25.
“(5)
The society must send two copies of the statement required to be made available under subsection (3) to the FCA and, if the society is a PRA-authorised person, one copy to the PRA, on the date on which the statement is required to be first made available to members.
(5A)
The FCA must keep a copy of the statement in the public file of the society.”.
26.
(1)
(2)
In subsection (8), for “Authority” substitute “FCA”.
(3)
“(14)
The society must send two copies of the statement required to be made available under subsection (13) to the FCA and, if the society is a PRA-authorised person, one copy to the PRA, on the date on which the statement is required to be first made available to members.
(14A)
The FCA must keep a copy of the statement in the public file of the society.”.
27.
(1)
(2)
In subsection (8), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, one copy to the PRA”.
(3)
In subsection (12), for “Authority” substitute “FCA”.
28.
(1)
(2)
In subsection (1), in each place, omit “to the Authority”.
(3)
In subsection (3), for “Authority” substitute “FCA”.
29.
(1)
(2)
In subsection (1), omit “to the Authority”.
(3)
In subsection (2)(b), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
30.
(1)
(2)
In subsection (2), for “Authority” substitute “FCA, and, if the society is a PRA-authorised person, one copy to the PRA,”.
(3)
In subsection (3), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
(4)
In subsection (7), for “Authority” substitute “FCA”.
(5)
In the heading, for “and the Authority” substitute “, the FCA and the PRA”.
31.
(1)
(2)
In subsection (5), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
(3)
In subsection (7), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
(4)
In subsection (8), for “Authority” substitute “appropriate authority”.
(5)
In subsection (10), for “Authority” substitute “FCA”.
32.
(a)
for “to the Authority” substitute “to the FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
for “Authority shall keep the copy” substitute “FCA must keep a copy”.
33.
(1)
(2)
In subsection (1), for “Part IV”, in each place, substitute “Part 4A”.
(3)
“(a)
the FCA, after consulting the PRA if the society is a PRA-authorised person,
(aa)
if the society is a PRA-authorised person, the PRA, after consulting the FCA,”.
34.
35.
(1)
(2)
In subsection (5), for “Authority has” substitute “FCA and, if the society is a PRA-authorised person, the PRA have”.
(3)
In subsection (7)(b)(i), for “Authority” substitute “PRA”.
(4)
In subsection (10)—
(a)
after “Where” insert “the society is a PRA-authorised person and”; and
(b)
for “Authority”, in each place, substitute “PRA”.
(5)
“(11)
Where the society is not a PRA-authorised person and the FCA receives notice under Condition 1—
(a)
the FCA shall inform the Bank of England, and
(b)
if the Bank of England decides to apply for a building society insolvency order or to exercise a stabilisation power under Part 1 of the Banking Act 2009, the Bank shall inform the person who gave the notice, within the period in Condition 3(a).”.
(6)
In the heading, for “Authority” substitute “FCA and the PRA”.
36.
(a)
for “furnish the Authority” substitute “furnish the FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
for “Authority shall keep the copy” substitute “FCA must keep a copy”.
37.
(1)
(2)
In subsection (2)(d), for “Authority”—
(a)
in the first place, substitute “appropriate authority”; and
(b)
in the second place, substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
(3)
In subsection (3)—
(a)
for “Authority” substitute “appropriate authority”;
(b)
before “is satisfied” insert “the FCA”; and
(c)
for “it shall” substitute “the FCA must”.
(4)
In subsection (4), for “Authority” substitute “appropriate authority”.
(5)
In subsection (6)—
(a)
for “Authority”, in each place, substitute “appropriate authority”; and
(b)
for “Part IV” substitute “Part 4A”.
(6)
In subsection (6A), for “subsection (9) of section 52 of that Act by virtue of paragraph (a) of that subsection” substitute “subsection (5) of section 55V of that Act by virtue of paragraph (a) or (b) of that subsection”.
(7)
In subsection (6B)—
(a)
for “section 55” substitute “section 55Z3”; and
(b)
for “Part IV” substitute “Part 4A”.
(8)
In subsection (6C)—
(a)
omit “the Authority from taking”; and
(b)
after “decision notice” insert “from being taken”.
38.
(1)
(2)
In subsection (5)(b), for “Authority” substitute “appropriate authority”.
(3)
In subsection (7)(a), for “Authority” substitute “appropriate authority”.
(4)
In subsection (8)—
(a)
for “Authority” substitute “appropriate authority”; and
(b)
for “it shall” substitute “the FCA must”.
(5)
In subsection (9), for “Authority” substitute “FCA”.
39.
(1)
(2)
For “Authority”, in each place, substitute “appropriate authority”.
(3)
“(6A)
The PRA must consult the FCA before confirming an amalgamation or transfer, or giving a direction, under this section.
(6B)
The PRA must—
(a)
notify the FCA it if confirms an amalgamation or transfer; and
(b)
send the FCA a copy of any direction it gives.”.
40.
41.
(1)
(2)
In subsection (4)(d), for “Authority” substitute “appropriate authority”.
(3)
In subsection (6), for “Authority” substitute “appropriate authority”.
(4)
In subsection (8)—
(a)
for “send to the Authority” substitute “send to each of the FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
for “Authority shall” substitute “FCA must”.
(5)
In subsection (12), for “Authority” substitute “appropriate authority”.
42.
(1)
(2)
In subsection (1A), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
(3)
In subsection (2), for “Authority” substitute “appropriate authority”.
(4)
In subsection (3)—
(a)
for “Authority”, in each place, substitute “appropriate authority”; and
(b)
for “Part IV” substitute “Part 4A”.
(5)
In subsections (4) and (5), for “Authority”, in each place, substitute “appropriate authority”.
(6)
“(9)
The PRA must consult the FCA before confirming a transfer or giving a direction under this section.
(10)
The PRA must—
(a)
notify the FCA it if confirms a transfer; and
(b)
send the FCA a copy of any direction it gives.”.
43.
44.
(1)
(2)
In subsection (4), for “Authority”, in each place, substitute “appropriate authority”.
(3)
“(4A)
The PRA must consult the FCA before giving a direction under this section.”.
45.
(1)
(2)
For “Authority”, in each place, substitute “FCA”.
(3)
In subsection (1), after “Where” insert “, having consulted the PRA,”.
(4)
In subsection (2)—
(a)
after “Where” insert “, having consulted the PRA,”; and
(b)
for “Part IV” substitute “Part 4A”.
(5)
In subsection (3), after “if it thinks fit” insert “after consulting the PRA”.
46.
47.
48.
(1)
(2)
In subsection (1)—
(a)
after “under this Act”, insert “, other than an offence in relation to which provision is made in subsection (1A),”;
(b)
for “by the Authority” substitute “by the FCA”; and
(c)
for “in the opinion of the Authority” substitute “in its opinion”.
(3)
“(1A)
Notwithstanding any limitation on the time for taking proceedings contained in any Act, summary proceedings for the offences under the provisions listed in subsection (1B), in the circumstances specified in that subsection in relation to those provisions, may be commenced by the PRA, after notifying the FCA, or by the FCA, after notifying the PRA, at any time within the period mentioned in subsection (1C).
(1B)
The provisions and the circumstances are—
(a)
section 52 (powers to obtain information and documents etc.), if—
(i)
the failure referred to in subsection (10) of that section is a failure to furnish any information or accountant’s report, to produce any documents or material, or to provide any explanation or make any statement to the PRA, or
(ii)
the information, explanation or statement referred to in subsection (11) or (12) of that section is furnished, provided or made to the PRA;
(b)
section 55 (investigations), if the person appointed under subsection (1) of that section was appointed by the PRA;
(c)
section 81 (laying and furnishing accounts), if the default referred to in subsection (4) of that section relates to a failure to send a copy of the accounts to the PRA in accordance with subsection (2) of that section;
(d)
section 87 (dissolution by consent), if the failure referred to in subsection (5) or (7) of that section relates to a failure to give notice to the PRA;
(e)
section 88 (voluntary winding up), if the failure referred to in subsection (4) of that section relates to a failure to send a copy of the resolution to the PRA in accordance with subsection (2) of that section;
(f)
section 91 (power of court to declare dissolution of building society void), if the failure referred to in subsection (5) of that section relates to a failure to send a copy of an order to the PRA in accordance with subsection (4) of that section;
(g)
section 95 (mergers: provisions supplementing sections 93 and 94), if the application referred to subsection (3) of that section was made, or should have been made, to the PRA;
(h)
section 98 (transfers of business: supplementary provisions), if the application referred to subsection (2) of that section was made, or should have been made, to the PRA;
(i)
Schedule 8A, paragraph 3(5) (directions under section 42B(3)), if the PRA has given a direction under section 42B(3);
(j)
Schedule 8A, paragraph 9(5) (directions under section 42B(4)), if the PRA has given a direction under section 42B(4);
(k)
Schedule 11, paragraph 3 (auditors: appointment), if the failure referred to in sub-paragraph (2) of that paragraph relates to a failure to give notice to the PRA in accordance with sub-paragraph (1) of that paragraph;
(l)
Schedule 11, paragraph 6 (auditors: removal), if the failure referred to in sub-paragraph (3) of that paragraph relates to a failure to give notice to the PRA in accordance with sub-paragraph (2) of that paragraph;
(m)
Schedule 11, paragraph 7 (auditors: resignation), if the default referred to in sub-paragraph (8) of that paragraph relates to a failure to send any notice or statement to the PRA in accordance with sub-paragraph (3) or (7) of that paragraph;
(n)
Schedule 15, paragraph 21 (application of companies winding up legislation to building societies: winding up by the court), if the failure referred to in sub-paragraph (4) of that paragraph relates to a failure to give notice to the PRA in accordance with sub-paragraph (3) of that paragraph;
(o)
Schedule 15, paragraph 48 (modified application of Insolvency (Northern Ireland) Order 1989: winding up by the High Court), if the failure referred to in sub-paragraph (4) of that paragraph relates to a failure to give notice to the PRA in accordance with sub-paragraph (3) of that paragraph; and
(p)
Schedule 16, paragraph 6 (mergers: penalty), if the default referred to in sub-paragraph (1) of that paragraph relates to a failure to send a copy of a statement or notification to the PRA in accordance with paragraph 5(1) of that Schedule.
(1C)
The period is one year beginning with the date on which evidence comes to the knowledge of one or both of the FCA and the PRA, being evidence sufficient in the opinion of the FCA or the PRA (as the case may be) to justify a prosecution.”.
(4)
In subsection (2), after “(1)” insert “or (1A)”.
(5)
In subsection (3)—
(a)
after “subsection (1)” insert “and subsection (1C)”;
(b)
for “Authority” substitute “FCA or the PRA”; and
(c)
for “that subsection” substitute “the relevant subsection”.
(6)
“(4)
In the application of this section to Scotland—
(a)
for subsection (1), substitute—“(1)
Notwithstanding any limitation on the time for the taking of proceedings contained in any Act, summary proceedings for any offence under this Act may, subject to subsection (2), be commenced by the Lord Advocate at any time within the period of one year beginning with the date on which evidence sufficient in the opinion of the Lord Advocate to justify a prosecution for the offence, comes to the knowledge of the Lord Advocate”;
(b)
omit subsections (1A), (1B) and (1C); and
(c)
for subsection (3), substitute—“(3)
For the purposes of subsection (1) of this section a certificate, purporting to be signed by or on behalf of the Lord Advocate, as to the date on which such evidence as is mentioned in that subsection came to the knowledge of the Lord Advocate, shall be conclusive evidence of that date.”.
49.
(1)
(2)
In subsection (1), for “Authority” substitute “FCA”.
(3)
In subsections (1A) and (1B), “Authority” substitute “FCA or the PRA”.
50.
51.
(1)
(2)
In subsection (1), for “Authority may” substitute “FCA and the PRA may each”.
(3)
“(1A)
The PRA and the FCA must each consult the other before issuing a direction under this section if the document in question is required to be sent to both of them.”.
52.
(1)
(2)
In subsection (1)—
(a)
omit the definition of “the Authority”;
(b)
in the definition of “officially notified”, for “Authority” substitute “FCA”;
(c)
in the definition of “the public file”, for “Authority” substitute “FCA”; and
(d)
““the appropriate authority” means—
(a)
in relation to a building society which is a PRA-authorised person, the PRA; and
(b)
in relation to a building society which is not a PRA-authorised person, the FCA;”;
““the FCA” means the Financial Conduct Authority;”;
““the PRA” means the Prudential Regulation Authority;”;
““PRA-authorised person” has the meaning in section 2B of the Financial Services and Markets Act 2000;”.
(3)
In subsection (1A)—
(a)
for “Authority” substitute “FCA”; and
(b)
for “Authority’s” substitute “FCA’s”.
(4)
In subsection (4), for “Authority” substitute “appropriate authority”.
53.
(1)
(2)
In paragraph 1, for “Authority”, in each place, substitute “FCA”.
(3)
In paragraph 4(2), (4) and (7), for “Authority”, in each place, substitute “FCA”.
(4)
In paragraph 9, for “Authority”, in each place, substitute “FCA”.
(5)
In paragraph 10(5), for “Authority” substitute “FCA”.
(6)
In paragraph 10A(2), (3) and (4), for “Authority” substitute “FCA”.
(7)
In paragraph 11, for “Authority”, in each place, substitute “FCA”.
(8)
In paragraph 15—
(a)
for “Authority”, in each place, substitute “FCA”;
(b)
in sub-paragraph (1), for “Part IV” substitute “Part 4A”; and
(c)
“(3A)
The FCA must consult the PRA before giving a direction under sub-paragraph (2).”.
(9)
In paragraph 20, for “Authority”, in each place, substitute “FCA”.
(10)
In paragraph 20A(12), for “Authority” substitute “appropriate authority”.
(11)
In paragraph 30(4), for “Authority” substitute “appropriate authority”.
(12)
“(4A)
If the appropriate authority is the PRA, it must consult the FCA before giving a direction under sub-paragraph (5).”.
(13)
In paragraph 31(7), for “Authority” substitute “PRA”.
54.
(1)
(2)
For “Authority”, in each place, substitute “appropriate authority”.
(3)
“(2ZA)
The PRA must consult the FCA before requiring any particulars under sub-paragraph (2)(b).”.
(4)
“(2ZA)
The PRA must consult the FCA before requiring any particulars under sub-paragraph (2)(b).”.
55.
(1)
(2)
In paragraph 3(1)—
(a)
for “Authority”, in each place, substitute “appropriate authority”; and
(b)
for “give it notice” substitute “give notice to the FCA and, if the society is a PRA-authorised person, to the PRA”.
(3)
In paragraph 4(6)(b), (8) and (9), for “Authority”, in each place, substitute “appropriate authority”.
(4)
In paragraph 6(2), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
(5)
“(b)
the FCA; and
(c)
if the society is a PRA-authorised person, the PRA.”.
(6)
In paragraph 7, for “Authority”—
(a)
in sub-paragraph (3)(a), substitute “FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
in sub-paragraphs (4), (6) and (7), in each place, substitute “appropriate authority”.
(7)
In paragraph 8(6)(b), for “Authority”, in each place, substitute “PRA”.
56.
(1)
(2)
In paragraph 1(5), for “Authority” substitute “FCA”.
(3)
In the heading to paragraph 3, for “Authority” substitute “FCA and PRA”.
(4)
In paragraph 3, for “Authority”, in each place, substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
(5)
In paragraph 6—
(a)
for “Authority”, in each place, substitute “FCA”; and
(b)
“(3)
The FCA must consult the PRA before making any such award.”.
57.
(1)
(2)
In paragraph 3(1)(b), for “Financial Services Authority” substitute “Financial Conduct Authority”.
(3)
In paragraph 4, for “Authority”, in each place, substitute “FCA”.
(4)
In paragraph 21(3)—
(a)
for “to the Authority” substitute “to the FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
for “Authority shall” substitute “FCA must”.
(5)
In paragraph 29, for “Authority” substitute “appropriate authority”.
(6)
In paragraph 31, for “Authority” substitute “FCA”.
(7)
In paragraph 32, for “Authority”, in each place, substitute “FCA”.
(8)
In paragraph 48(3)—
(a)
for “to the Authority” substitute “to the FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
for “the Authority shall” substitute “the FCA must”.
(9)
In paragraph 55A, for “Authority” substitute “appropriate authority”.
(10)
In paragraph 55C, for “Authority” substitute “FCA”.
(11)
In paragraph 55D, for “Authority”, in each place, substitute “FCA”.
58.
(1)
(2)
In paragraph 2(1)(b), for “Financial Services Authority” substitute “Financial Conduct Authority”.
(3)
In paragraph 3(1), for “Authority”, in each place, substitute “FCA”.
(4)
In paragraph 9A, for “Authority”, in each place, substitute “FCA”.
(5)
In paragraphs 10, 11 and 15, for “Authority” substitute “FCA or the PRA”.
(6)
In paragraph 23(1)(a), for “Authority” substitute “FCA, to the PRA”.
(7)
In paragraph 21(1)(a), for “Authority” substitute “Financial Conduct Authority”.
(8)
In paragraph 24, for “Authority”, in each place, substitute “FCA, the PRA”.
(9)
In paragraph 31A—
(a)
in sub-paragraph (a), for “the Financial Services Authority” substitute “each of the Financial Conduct Authority and the Prudential Regulation Authority”; and
(b)
in sub-paragraphs (c) and (d), for “Financial Services Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”.
(10)
In paragraph 32(1)(a), for “Authority” substitute “FCA or the PRA”.
(11)
In paragraph 33—
(a)
in sub-paragraph (1)(a), for “Authority” substitute “FCA, by the PRA”; and
(b)
in sub-paragraph (2), for “Authority” substitute “FCA or, as the case may be, the PRA”.
(12)
In paragraph 37, for “the Authority” substitute “the FCA and the PRA”.
(13)
In paragraph 43, for “Authority” substitute “Financial Conduct Authority”.
(14)
In paragraph 45(1)(a), for “Authority” substitute “FCA, to the PRA”.
(15)
In paragraph 46, for “Authority”, in each place, substitute “FCA, the PRA”.
59.
(1)
(2)
Except in paragraph 5, for “Authority”, in each place, substitute “appropriate authority”.
(3)
“(4A)
The PRA must consult the FCA before approving a statement under sub-paragraph (3).”.
(4)
In paragraph 5—
(a)
in sub-paragraph (1), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
in sub-paragraph (2), for “Authority shall” substitute “FCA must”.
60.
(1)
(2)
Except as provided in sub-paragraph (4), for “Authority”, in each place, substitute “appropriate authority”.
(3)
“(4)
The PRA must consult the FCA before approving a statement under sub-paragraph (3).”.
(4)
In paragraph 5D—
(a)
in sub-paragraph (1), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
in sub-paragraph (2), for “Authority shall” substitute “FCA must”.
SCHEDULE 9Amendments of the Friendly Societies Act 1992
1.
2.
In the heading to Part 1, for “Authority” substitute “Financial Conduct Authority and the Prudential Regulation Authority”.
3.
(1)
(2)
In subsection (1), for “Financial Services Authority (“the Authority”)” substitute “Financial Conduct Authority (“the FCA”)”.
(3)
“(1A)
The function in subsection (1)(c) is also a function of the Prudential Regulation Authority (“the PRA”).”.
(4)
In subsection (2)—
(a)
for “Authority also has” substitute “FCA and the PRA also have”; and
(b)
for “it” substitute “them respectively”.
(5)
For the heading, substitute “Functions of the Financial Conduct Authority and the Prudential Regulation Authority in relation to friendly societies”.
4.
5.
6.
7.
(1)
(2)
In subsection (3)(a), for “Authority under section 138” substitute “appropriate authority under Part 9A”.
(3)
In subsections (5), (6) and (10), for “Authority”, in each place, substitute “appropriate authority”.
(4)
“(10A)
The PRA must send to the FCA a copy of any notice it serves under subsection (6) or (10).”.
(5)
In subsection (12), for “Authority” substitute “FCA”.
8.
(1)
(2)
In subsections (6) and (8), in each place, for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
(3)
In subsection (10), for “Authority” substitute “appropriate authority”.
(4)
In subsection (12), for “Authority” substitute “FCA”.
9.
(a)
in the first place, substitute “FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
in the second place, substitute “FCA”.
10.
(1)
(2)
In subsection (2), for “(3) below” insert “(2A), (2B) or (3)”.
(3)
In paragraph (a) of subsection (2), for “Authority” substitute “FCA”.
(4)
“(aa)
the PRA;”.
(5)
“(2A)
The FCA may only present a petition under subsection (2) in respect of a society which is a PRA-authorised person after consulting the PRA.
(2B)
The PRA may only present a petition under subsection (2)—
(a)
in respect of a society which is a PRA-authorised person; and
(b)
after consulting the FCA.”.
11.
12.
(a)
in the first place, substitute “FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
in second place, substitute “FCA”.
13.
(1)
(2)
For “Authority”, in each place, substitute “FCA”.
(3)
“(4A)
The FCA must consult the PRA before cancelling under subsection (1), (2) or (3) the registration of a society which is a PRA-authorised person.”.
14.
15.
16.
In the cross-heading before section 51, for “Authority” substitute “FCA and PRA”.
17.
(1)
(2)
“(1)
If the FCA has reason to believe that any of the conditions mentioned in subsection (2) is satisfied, it may, after consulting the PRA if the society is a PRA-authorised person—
(a)
present a petition to the High Court for the winding up of the society under the applicable winding up legislation;
(b)
make an application to the High Court for an order under subsection (5).
(1A)
If the PRA has reason to believe that any of the conditions mentioned in subsection (2) is satisfied in relation to a society which is a PRA-authorised person, it may, after consulting the FCA—
(a)
present a petition to the High Court for the winding up of the society under the applicable winding up legislation;
(b)
make an application to the High Court for an order under subsection (5).”.
(3)
In subsection (2), for “subsection (1) above” substitute “subsections (1) and (1A)”.
(4)
Omit subsection (3).
(5)
In subsection (6), for “Authority” substitute “FCA”.
(6)
In subsection (7), for “Authority whether or not it” substitute “FCA and the PRA whether or not either of them”.
18.
(1)
(2)
In subsections (2) and (3), for “Authority” substitute “FCA or the PRA”.
(3)
In subsection (6)—
(a)
for “Authority” substitute “FCA or the PRA”; and
(b)
after “direction”, in each place, insert “issued by it”.
(4)
“(6A)
The FCA must consult the PRA before issuing a direction under this section to a PRA-authorised person or varying such a direction.
(6B)
The PRA must consult the FCA before issuing or varying a direction under this section.”.
(5)
“(7)
If a society requests the FCA or the PRA to notify the society as to whether, in the opinion of that authority, it has complied with a direction issued by that authority, the FCA or the PRA (as the case may be) must comply with the request.
(7A)
The PRA must send a copy to the FCA of any direction, notice, final notice or notification it issues under this section.”.
(6)
In subsection (9), for “Authority” substitute “FCA”.
19.
20.
(1)
(2)
In subsections (1), (2), (3) and (4), for “Authority” substitute “FCA or the PRA”.
(3)
In subsection (8)(d), for “Authority” substitute “FCA or PRA”.
21.
(a)
for “Authority or”, in each other place, substitute “FCA, the PRA or”; and
(b)
for “Authority”, in each other place, substitute “FCA or the PRA”.
22.
23.
(1)
(2)
“(i)
the FCA;
(ia)
the PRA;”.
(3)
In subsections (1)(b)(ii) and (iii) and (2)(b), for “Authority” substitute “FCA or the PRA”.
24.
25.
In the heading to section 65, for “Authority” substitute “FCA or PRA”.
26.
27.
28.
29.
30.
31.
“(a)
is furnished under section 78 to the FCA and, if the society is a PRA-authorised person, the PRA;
(aa)
is furnished to either the FCA or the PRA at its request;”.
32.
(1)
(2)
In subsections (1)(b), (2)(b), (3) and (4), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
(3)
In subsection (8), for “Authority” substitute “FCA”.
33.
34.
(1)
(2)
In subsection (2)(d), for “Authority” substitute “appropriate authority”.
(3)
In subsection (3), for “Authority”—
(a)
in the first place, substitute “FCA or the PRA”; and
(b)
in the second place, substitute “FCA”.
(4)
“(4A)
If, on the transfer date, each of the societies whose amalgamation was confirmed has permission under Part 4A of the Financial Services and Markets Act 2000, the appropriate regulator (within the meaning of section 55A of that Act) must, with effect from that date, give their successor such permission under that Part as it considers appropriate, subject to such requirements as it considers appropriate, and must notify the successor of the permission by giving the successor a decision notice under that Act.”.
(5)
In subsection (4B), for “subsection (9) of section 52 of that Act by virtue of paragraph (a) of that subsection” substitute “subsection (5) of section 55V of that Act by virtue of paragraph (a) or (b) of that subsection”.
(6)
In subsection (4C)—
(a)
for “section 55”, substitute “section 55Z1”; and
(b)
for “Part IV”, substitute “Part 4A”.
(7)
In subsection (4D), for “prevents the Authority from taking action specified in a decision notice” substitute “prevents the action specified in a decision notice from being taken”.
(8)
In subsection (5), for “Authority” substitute “FCA”.
35.
(1)
(2)
In subsection (2)(e) and (3)(b), for “Authority” substitute “appropriate authority”.
(3)
“(3A)
The PRA must consult the FCA before giving its consent under subsection (3)(b).”.
(4)
In subsection (4)—
(a)
for “Authority” substitute “appropriate authority”; and
(b)
for “it” substitute “the FCA”.
(5)
In subsections (6) and (7), for “Authority” substitute “FCA”.
(6)
In subsection (12), for “Part IV” substitute “Part 4A”.
36.
(1)
(2)
In subsection (2)—
(a)
in paragraph (b), for “Authority under section 138” substitute “appropriate authority under Part 9A”; and
(b)
in the closing words of that subsection, for “Authority” substitute “appropriate authority”.
(3)
In subsection (3), for “Authority”, in each place, substitute “appropriate authority”.
37.
38.
(1)
(2)
Except as provided in sub-paragraph (5), for “Authority”, in each place, substitute “appropriate authority”.
(3)
“(1A)
The PRA must consult the FCA before giving a direction under this section.”.
(4)
“(6A)
The PRA must send to the FCA a copy of any direction it issues under this section.”.
(5)
In subsection (7), for “Authority” substitute “FCA”.
(6)
In the heading, for “Authority” substitute “appropriate authority”.
39.
(1)
(2)
In subsections (1) and (2), for “Authority”, in each place, substitute “appropriate authority”.
(3)
“(2A)
The PRA must consult the FCA before giving a direction under this section.”.
(4)
In subsections (3) to (7), for “Authority”, in each place, substitute “appropriate authority”.
(5)
“(8)
If the PRA gives a direction, it must send a copy of the direction to the FCA.
(8A)
The FCA must—
(a)
keep a copy of a direction issued under this section (whether by the FCA or by the PRA);
(b)
register that copy; and
(c)
issue a registration certificate to the transferee.
(8B)
The registration certificate must specify a date as the transfer date for the transfer.”.
(6)
In subsections (10) and (11), for “Authority” substitute “FCA”.
(7)
In the heading, for “Authority” substitute “appropriate authority”.
40.
(1)
(2)
In subsection (2)(c), for “Authority” substitute “appropriate authority”.
(3)
“(2A)
The PRA must consult the FCA before giving a confirmation under this section.”.
(4)
In subsections (4) and (5), for “Authority”, in each place, substitute “FCA”.
(5)
In subsection (6), for “Authority” substitute “appropriate authority”.
41.
42.
(1)
(2)
In subsections (1) and (3), for “Authority”, in each place, substitute “appropriate authority”.
(3)
“(3A)
The PRA must consult the FCA before making, varying or revoking a direction under this section.
(3B)
The PRA must send the FCA a copy of any direction, variation or revocation under this section.”.
(4)
“(7)
The FCA must keep in a register kept by it for the purposes of this subsection a copy of any direction, variation or revocation under this section.”.
(5)
In subsection (9)—
(a)
for “Authority” substitute “FCA”; and
(b)
in paragraph (a), omit “made by it”.
43.
44.
45.
(1)
(2)
In subsection (1)—
(a)
after “under this Act”, insert “, other than an offence in relation to which provision is made in subsection (1A),”;
(b)
for “by the Authority” substitute “by the FCA”; and
(c)
for “the opinion of the Authority” substitute “its opinion”.
(3)
“(1A)
Notwithstanding any limitation on the time for taking proceedings contained in any Act, summary proceedings for the offences under the provisions listed in subsection (1B), in the circumstances specified in that subsection in relation to those provisions, may be commenced by the PRA, after notifying the FCA, or by the FCA, after notifying the PRA, at any time within the period mentioned in subsection (1C).
(1B)
The provisions and the circumstances are—
(a)
section 20 (dissolution by consent), if the failure referred to in subsection (6) or (8) of that section relates to a failure to give notice to the PRA;
(b)
section 21 (voluntary winding up), if the failure referred to in subsection (4) of that section relates to a failure to send a copy of the resolution to the PRA in accordance with subsection (2) of that section;
(c)
section 25 (power of court to declare dissolution of building society void), if the failure referred to in subsection (5) of that section relates to a failure to send a copy of an order to the PRA in accordance with subsection (4) of that section;
(d)
section 62 (powers to obtain information and documents etc.), if—
(i)
the failure referred to in subsection (9) of that section is a failure to furnish any information or report, to produce any documents or material, or to provide any explanation or make any statement to the PRA, or
(ii)
the information, explanation or statement referred to in subsection (10) or (11) of that section is furnished, provided or made to the PRA;
(e)
section 65(4) and (5) (investigations), if the person appointed under subsection (1) of that section was appointed by the PRA;
(f)
section 87(6) (actuary’s report), if the PRA directed the transferee to furnish it with a report under subsection (3) of that section;
(g)
Schedule 10, paragraph 24 (winding up by the court), if the failure referred to in sub-paragraph (4) of that paragraph relates to a failure to give notice to the PRA in accordance with sub-paragraph (3) of that paragraph;
(h)
Schedule 10, paragraph 54 (winding up by the High Court), if the failure referred to in sub-paragraph (4) of that paragraph relates to a failure to give notice to the PRA in accordance with sub-paragraph (3) of that paragraph;
(i)
Schedule 14, paragraph 3 (auditors: appointment), if the failure referred to in sub-paragraph (2) of that paragraph relates to a failure to give notice to the PRA in accordance with sub-paragraph (1) of that paragraph;
(j)
Schedule 14, paragraph 9 (power of appropriate authority to require second audit), if the failure referred to in sub-paragraph (5) of that paragraph relates to a direction given by the PRA under paragraph (1) of that paragraph or a direction to send a copy of the report to the PRA in accordance with sub-paragraph (3) of that paragraph;
(k)
Schedule 14, paragraph 10 (removal of auditors), if the failure referred to in sub-paragraph (3) of that paragraph relates to a failure to give notice to the PRA in accordance with sub-paragraph (2) of that paragraph;
(l)
Schedule 14, paragraph 12 (resignation of auditors), if the default referred to in sub-paragraph (5) of that paragraph relates to a failure to give a copy of the notice to the PRA in accordance with sub-paragraph (4) of that paragraph; and
(m)
Schedule 14, paragraph 15 (offences of failing to comply with paragraph 14 (statement by person ceasing to hold office)), if—
(i)
the default referred to in sub-paragraph (1) of that paragraph relates to a failure to send a copy of a notice to the PRA in accordance with paragraph 14(2) or (7) of that Schedule, or
(ii)
the default referred to in sub-paragraph (2) is the default of a PRA-authorised person.
(1C)
The period is one year beginning with the date on which evidence comes to the knowledge of one or both of the FCA and the PRA, being evidence sufficient in the opinion of the FCA or the PRA (as the case may be) to justify a prosecution.”.
(4)
In subsection (2), after “(1)” insert “or (1A)”.
(5)
In subsection (3)—
(a)
for “subsection (1)” substitute “subsections (1) and (1C)”,
(b)
for “Authority” substitute “FCA or the PRA”, and
(c)
for “that subsection” substitute “the relevant subsection”.
(6)
“(4)
In the application of this section to Scotland—
(a)
in subsection (1), omit the words “by the FCA”,
(b)
omit subsections (1A), (1B) and (1C), and
(c)
references to the FCA are to be read as references to the Lord Advocate.”.
46.
(1)
(2)
(3)
In subsections (1A) and (1B), for “Authority” substitute “FCA or the PRA”.
47.
48.
(1)
(2)
In subsection (1), for “The Authority may” substitute “Each of the FCA and the PRA may”.
(3)
“(1A)
The PRA and the FCA must each consult the other before issuing a direction under this section if the document in question is required to be sent to both of them.”.
(4)
In subsection (3), for “the Authority”—
(a)
in the first place, substitute “it”; and
(b)
in the second place, substitute “each of the FCA and the PRA”.
(5)
In subsection (4), for “the Authority” substitute “each of the FCA and the PRA”.
(6)
In subsection (5), for “the Authority” substitute “the FCA or the PRA”.
49.
(1)
(2)
In subsection (1)—
(a)
omit the definition of “the Authority”;
(b)
in the definition of “the public file”, for “Authority” substitute “FCA”; and
(c)
““the appropriate authority” means—
(a)
in relation to a society which is a PRA-authorised person, the PRA; and
(b)
in relation to a society which is not a PRA-authorised person, the FCA;”;
““the FCA” means the Financial Conduct Authority;”;
““the PRA” means the Prudential Regulation Authority;”;
““PRA-authorised person” has the meaning in section 2B of the Financial Services and Markets Act 2000;”.
(3)
In subsection (1AA)—
(a)
for “Authority” substitute “FCA”; and
(b)
for “Authority’s” substitute “FCA’s”.
50.
(a)
for “Authority” substitute “FCA and the PRA”; and
(b)
for “Authority’s” substitute “the FCA’s or the PRA’s”.
51.
(1)
(2)
For “Authority”, in each place, substitute “FCA”.
(3)
In paragraph 1(4), for “it” substitute “the appropriate authority”.
52.
53.
(1)
(2)
In paragraph 3(1)(c), for “Financial Services Authority” substitute “Financial Conduct Authority”.
(3)
In paragraph 4(1), for “Authority”, in each place, substitute “FCA”.
(4)
In paragraph 24(3), for “Authority”—
(a)
in the first place, substitute “FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
in the second place, substitute “FCA”.
(5)
In paragraphs 32, 34(3) and 35, for “Authority”, in each place, substitute “FCA”.
(6)
In paragraph 54(3), for “Authority”—
(a)
in the first place, substitute “FCA and, if the society is a PRA-authorised person, the PRA”; and
(b)
in the second place, substitute “FCA”.
(7)
In paragraph 62, for “Authority” substitute “FCA and the PRA”.
(8)
In paragraphs 64 and 65, for “Authority”, in each place, substitute “FCA”.
54.
55.
(1)
(2)
In paragraph 3, for “Authority”, in each place, substitute “appropriate authority”.
(3)
In paragraph 7(6) and (7), for “Authority” substitute “appropriate authority”.
(4)
In the cross-heading above paragraph 9, for “Authority” substitute “appropriate authority”.
(5)
In paragraph 9—
(a)
in sub-paragraph (1), for “Authority” substitute “appropriate authority”;
(b)
in sub-paragraph (3), for “Authority shall” substitute “PRA must send a copy of the direction to the FCA and the FCA must”;
(c)
in sub-paragraph (3A), for “Authority to be placed” substitute “FCA and, if the society is a PRA-authorised person, the PRA, and the FCA must place a copy of the report”; and
(d)
in sub-paragraph (6), for “Authority” substitute “appropriate authority”.
(6)
In paragraph 10(2), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
(7)
“(b)
the FCA provided that, if the society is a PRA-authorised person, it has consulted the PRA;
(c)
if the society is a PRA-authorised person, the PRA provided that it has consulted the FCA.”.
(8)
In paragraph 12(4), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.
(9)
In paragraph 14(2) and (7), for “Authority” substitute “FCA and the PRA”.
(10)
In paragraph 16(2), for “Authority”, in each place, substitute “appropriate authority”.
56.
(1)
(2)
In paragraphs 1, 2, 3 and 4, for “Authority”, in each place, substitute “appropriate authority”.
(3)
“(3)
The PRA must consult the FCA before approving a statement under sub-paragraph (2).”.
(4)
“4ZA.
The PRA must consult the FCA before approving a statement under paragraph 4.”.
(5)
In the heading of Part 2, for “Authority” substitute “appropriate authority”.
(6)
In paragraph 5—
(a)
in sub-paragraphs (1), (3), and (5) for “Authority”, in each place, substitute “appropriate authority”;
(b)
“(5A)
The PRA must send the FCA a copy of any direction, variation or revocation it makes under this paragraph.”;
(c)
in sub-paragraph (6), —
(i)
for “Authority” substitute “appropriate authority”; and
(ii)
for “it shall” substitute “the FCA must”; and
(d)
in sub-paragraph (8)—
(i)
for “Authority” substitute “FCA”; and
(ii)
omit “by it”.
(7)
In paragraphs 6 and 7, for “Authority”, in each place, substitute “appropriate authority”.
(8)
In the cross-heading above paragraph 8, for “Authority” substitute “appropriate authority”.
(9)
In paragraphs 8 to 10, for “Authority”, in each place, substitute “appropriate authority”.
(10)
In paragraph 11—
(a)
for “Authority” substitute “appropriate authority”; and
(b)
for “Part IV” substitute “Part 4A”.
(11)
“11A.
(1)
The PRA must consult the FCA before confirming an amalgamation, transfer of engagements or a conversion.
(2)
The PRA must notify the FCA if it makes any such confirmation.”.
(12)
In paragraph 12, for “Authority” substitute “appropriate authority”.
(13)
In paragraph 13—
(a)
for “Authority”, in each place, substitute “appropriate authority”; and
(b)
for “Authority under section 138”, in each place, substitute “appropriate authority under Part 9A”.
(14)
In paragraph 15—
(a)
in sub-paragraph (1)(v), for “Part IV” substitute “Part 4A”, and
(b)
for “Authority”, in each place, substitute “appropriate authority”.
(15)
In paragraph 15A, for “Authority”, in each place, substitute “appropriate authority”.
(16)
In paragraphs 16A and 16B, for “Commission”, in each place, substitute “appropriate authority”.
SCHEDULE 10Amendments of secondary legislation
Amendments of legislation made under the Building Societies Act 1986
1.
2.
3.
(1)
(2)
For “Authority” substitute “FCA”.
(3)
In the heading to that regulation, for “Authority’s” substitute “FCA’s”.
4.
(1)
(2)
In regulation 2—
(a)
in the definition of “date of the transfer notification statement”, for “Authority” substitute “appropriate authority”; and
(b)
in the definition of “date of the transfer statement”, for “Authority” substitute “appropriate authority”.
(3)
In paragraph 28 of Part 1 of Schedule 1, for “Authority”, in each place, substitute “appropriate authority”.
(4)
In paragraph 10(2) of Part 2 of Schedule 1—
(a)
for “Part 4” substitute “Part 4A”; and
(b)
for “the Authority” substitute “a regulator (within the meaning of section 417 of that Act)”.
(5)
In paragraphs 1 and 2 of Schedule 3, for “Authority” substitute “appropriate authority”.
5.
(1)
(2)
In the following provisions, for “Authority” substitute “appropriate authority”—
(a)
regulation 2, in the definition of “date of the merger notification statement”;
(b)
paragraphs 1 and 2 of the Schedule.
Amendments of legislation made under the Friendly Societies Act 1992
6.
Amendments of legislation made under the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007
7.
(1)
(2)
In article 7(5), for “Financial Services Authority in accordance with section 81(2) of the 1986 Act (laying and furnishing accounts, etc., to members and the Authority)” substitute “FCA, and, if the society is a PRA-authorised person, to the PRA in accordance with section 81(2) of the 1986 Act (laying and furnishing accounts, etc., to members and the FCA and the PRA).”
(3)
In article 18, for “Financial Services Authority” substitute “appropriate authority”.
SCHEDULE 11Amendments consequential on Schedules 2 to 10
Consequential amendments to primary legislation
1.
(1)
(2)
(3)
2.
(1)
(2)
The provisions are—
(a)
(b)
3.
4.
5.
(1)
(2)
The provisions are—
(a)
(b)
(c)
(d)
(e)
(f)
6.
(1)
(2)
The provisions are—
(a)
section 59(3) (registration);
(b)
section 60(5) (removal from the register); and
(c)
section 62(3) (appeal against decision on registration or removal).
7.
8.
(1)
(2)
In the provisions listed in sub-paragraph (3), for “Financial Services Authority” substitute “Financial Conduct Authority”
(3)
The provisions are—
(a)
(b)
section 153(1)(c) and (6)(d) (proposals: procedure);
(c)
section 157(5) (manager of industrial and provident society: extra powers);
(d)
section 163(2) (industrial and provident society: restructuring);
(e)
section 165(2) (industrial and provident society: dissolution); and
(f)
section 255(5) (amalgamation).
(4)
In sections 164(3) (industrial and provident society: winding up) and 212(6) (industrial and provident society: change of rules), for “FSA” substitute “Financial Conduct Authority”.
9.
10.
(1)
(2)
“(f)
the Financial Conduct Authority,
(fa)
the Prudential Regulation Authority,”.
(3)
In the provisions in sub-paragraph (4), for “Financial Services Authority”, in each place, substitute “Financial Conduct Authority”.
(4)
The provisions are—
(a)
section 30 (communication with other regulators);
(b)
section 80(2)(d) (proposals: formulation);
(c)
section 82(3)(d) (proposals: agreement);
(d)
section 87(5) (manager of registered society: extra powers);
(e)
section 94(2) (registered society’s rules: supplementary);
(f)
section 96(1)(b) (restructuring, winding up and dissolution of registered societies);
(g)
section 97(1) (restructuring of society);
(h)
section 98 (voluntary winding up of society); and
(i)
section 99 (dissolution of society).
11.
Consequential amendments to secondary legislation
12.
(1)
(2)
““relevant authority” means—
(a)
if the society is a PRA-authorised person within the meaning of section 2B of the Financial Services and Markets Act 2000, the Prudential Regulation Authority, and
(b)
in any other case, the Financial Conduct Authority;”.
(3)
In regulations 3(3), 5 and 8, for “Chief Registrar of Friendly Societies” substitute “relevant authority”.
13.
(1)
(2)
““relevant authority” means—
(a)
if the industrial assurance company or collecting society is a PRA-authorised person within the meaning of section 2B of the Financial Services and Markets Act 2000, the Prudential Regulation Authority, and
(b)
in any other case, the Financial Conduct Authority;”.
(3)
14.
15.
(1)
(2)
The provisions are—
(a)
regulation 3(1)(a),
(b)
regulation 8(1), and
(c)
regulation 13(1).
16.
(1)
(2)
In paragraph 3(d) and (i), for “FSA”, in each place, substitute “FCA”.
(3)
In paragraph 13(6), in the modification of—
(a)
section 218 of the Insolvency Act 1986—
(i)
in paragraph (d), for “FSA” substitute “FCA or the PRA”, and
(ii)
in paragraph (e), for “FSA” substitute “FCA or, as the case may be, the PRA”; and
(b)
section 219 of that Act, for “FSA” substitute “FCA or, as the case may be, the PRA”.
(4)
In paragraph 16(b) and (c), for “FSA” substitute “FCA”.
(5)
In paragraph 17, for “FSA”, in each place, substitute “FCA”.
(6)
In paragraph 21, for “FSA” substitute “PRA”.
(7)
In paragraph 30—
(a)
in sub-paragraph (2), for “FSA” substitute “FCA and the PRA”, and
(b)
in sub-paragraph (4), for “FSA” substitute “FCA”.
(8)
17.
18.
(1)
(2)
In article 2, omit the definitions of—
(a)
“the Authority”, and
(b)
“section 1(1)(a) function”.
(3)
In article 3—
(a)
in paragraph (3), omit “on the Authority”, and
(b)
“(5)
A building society to which paragraph (3) applies is to be disregarded for the purposes of section 1(1)(a) and (1A)(a) of the 1986 Act.”.
(4)
In article 4—
(a)
in paragraph (3), omit “on the Authority”, and
(b)
“(5)
A building society to which paragraph (3) applies is to be disregarded for the purposes of section 1(1)(a) and (1A)(a) of the 1986 Act.”.
(5)
In article 11—
(a)
in paragraph (4)(a), for “Authority”, in each place, substitute “FCA or the PRA”,
(b)
in paragraph (6), in the paragraph 27C(a) substituted by that paragraph, for “Authority” substitute “Financial Conduct Authority”,
(c)
in paragraph (7), for “Authority”, in each place, substitute “FCA or, as the case may be, the PRA”, and
(d)
in paragraph (9), in the paragraph 49C(a) substituted by that paragraph, for “Authority” substitute “Financial Conduct Authority”.
19.
(1)
(2)
In rule 4(1)—
(a)
in sub-paragraphs (e) and (f), for “FSA”, in each place, substitute “FCA”, and
(b)
in sub-paragraph (h)—
(i)
“(iii)
“the FCA” (the Financial Conduct Authority—s 166(2)),”; and
(ii)
“(via)
“the PRA” (the Prudential Regulation Authority—s 166(2)),”.
(3)
In rule 15(d)—
(a)
for “FSA” substitute “FCA and, where relevant, the PRA”, and
(b)
for “Authority” substitute “FCA and PRA”.
(4)
In rule 22(f)—
(a)
for “FSA” substitute “FCA and, where relevant, the PRA”, and
(b)
for “Authority” substitute “FCA and PRA”.
SCHEDULE 12Transitional provisions
1.
2.
The amendments made by this Order requiring the PRA to be consulted on or satisfied in relation to a matter, to approve or consent to a matter, to inform another person of a matter, to confirm a matter to another person, or to consult another person in relation to a matter, do not have effect if the Financial Services Authority was consulted on or satisfied in relation to the matter, approved or consented to the matter, informed the other person of the matter, confirmed the matter to the other person, or consulted the other person in relation to the matter before 1st April 2013.
3.
Any other thing done by the Financial Services Authority before 1st April 2013 in exercise of a function which on that date is exercisable by the PRA by virtue of a provision in this Order is, to the extent appropriate, to be treated as if it had been done by the PRA.
This Order provides for functions of the Financial Services Authority relating to mutual societies to be exercisable by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
Schedule 1 applies various provisions of the Financial Services and Markets Act 2000 to functions made exercisable by the FCA and the PRA by virtue of this Order.
Schedule 2 provides for the exercise by the FCA and the PRA to exercise functions under the Industrial and Provident Societies Act 1965 (c.12).
Schedule 3 provides for the exercise by the FCA and the PRA to exercise functions under the Industrial and Provident Societies Act 1967 (c.48).
Schedule 4 provides for the FCA and the PRA to exercise functions under the Friendly and Industrial and Provident Societies Act 1968 (c.55).
Schedule 5 provides for the FCA and the PRA to exercise functions under the Friendly Societies Act 1974 (c.46).
Schedule 6 provides for the FCA and the PRA to exercise functions under the Credit Unions Act 1979 (c.34).
Schedule 7 provides for the FCA and the PRA to exercise functions under the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)).
Schedule 8 provides for the FCA and the PRA to exercise functions under the Building Societies Act 1986 (c.53).
Schedule 9 provides for the FCA and the PRA to exercise functions under the Friendly Societies Act 1992 (c.40).
Schedule 10 makes consequential amendments to secondary legislation made under legislation governing relating to mutual societies.
Schedule 11 makes consequential amendments to various primary and secondary legislation.
Schedule 12 makes transitional provision in relation to the amendments made by this Order.
A full impact assessment of the effect that this Order will have on the costs of business and the voluntary sector is available from Her Majesty’s Treasury, 1 Horse Guards Road, London SW1A 2HQ or on www.hm-treasury.gov.uk and is published alongside this Order on www.legislation.gov.uk.