SCHEDULE 5Amendments of the Friendly Societies Act 1974

I125

In section 111(1)116 (interpretation)—

a

omit the definition of “the Authority”; and

b

at the appropriate places, insert—

  • “the appropriate authority” means—

    1. a

      in relation to a society which is a PRA-authorised person, the PRA; and

    2. 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;