The Financial Services Act 2012 (Mutual Societies) Order 2013

55.—(1) Schedule 14(1) (auditors: appointment, tenure, qualifications and remuneration) is amended as follows.

(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) For paragraph 10A(2)(b), substitute—

“(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”.

(1)

The relevant paragraphs of Schedule 14 were amended by S.I. 2001/2617 and S.I. 2008/1140.