The Financial Services (Transfer of Functions Relating to Friendly Societies) Order 1987

Made: 18th May 1987

Coming into force: 19th May 1987

Now, therefore, the Chief Registrar of Friendly Societies, in exercise of the powers conferred on him by paragraph 28 of Schedule 11 and paragraph 12 of Schedule 15 to the Act and of all other powers enabling him in that behalf and with the consent of the Secretary of State, hereby makes the following Order:

Citation and commencement

1

This Order may be cited as the Financial Services (Transfer of Functions Relating to Friendly Societies) Order 1987 and shall come into force on the day after the day on which it is made.

Transfer of functions

2

Subject to the provisions of article 3, all the functions of the Chief Registrar of Friendly Societies which are transferable in accordance with paragraph 28 of Schedule 11 to the Act (transfer of functions) are transferred to the transferee body.

3

The following functions are not transferred to the transferee body—

• (a) the function under paragraph 17 of Schedule 11 to the Act (power to make rules concerning indemnity); and

• (b) the function of revoking a recognition order in respect of a self-regulating organisation for friendly societies on the ground that the requirement mentioned in paragraph 4(2) of Schedule 11 to the Act (requirement that rules of the organisation should take proper account of friendly societies legislation) is not satisfied.

Signed

J. M. Bridgeman — Chief Registrar of Friendly Societies — 18th May 1987

I consent to this Order.

Paul Channon — One of Her Majesty’s Principal Secretaries of State — 18th May 1987

Explanatory note

(This note is not part of the Order)

This Order transfers, with two exceptions, the functions of the Chief Registrar of Friendly Societies under the Financial Services Act 1986 which are capable of being transferred under paragraph 28 of Schedule 11 to that Act to The Securities and Investments Board Limited. These functions include that of making a recognition order in respect of a self-regulating organisation for friendly societies, and that of making rules governing the conduct of business by regulated friendly societies.

The two functions which are not transferred by this Order are—

• (a) the function of making rules concerning indemnity against any claim in respect of any description of civil liability incurred by a regulated friendly society (under paragraph 17 of Schedule 11 to the Act); and

• (b) the function of revoking a recognition order in respect of a self-regulating organisation for friendly societies on the ground that the organisation’s rules do not take proper account of friendly societies legislation (the power to revoke a recognition order is under paragraph 5 of Schedule 11 to the Act).

Footnotes

[^f00001]: 1986 c. 60.