SCHEDULE 9Amendments of the Friendly Societies Act 1992
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1
Section 54208 (supervision of activities of subsidiaries etc.) is amended as follows.
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
After subsection (6), insert—
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
For subsection (7), substitute—
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”.