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The Financial Services Act 2012 (Mutual Societies) Order 2013

Type Statutory-Instrument

Publication 2013-03-05

Last updated 2014-08-01

State In force

Department King's Printer of Acts of Parliament

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(4) In subsections (4) and (5), for “Authority”, in each place, substitute “FCA”.

(5) In subsection (6), for “Authority” substitute “appropriate authority”.

41

In section 93[^f00229] (registration of societies under the 1974 Act), for “Authority”, in each place, substitute “FCA”.

42

(1) Section 103[^f00230] (power to modify Part 6 in relation to particular friendly societies) is amended as follows.

(2) In subsections (1) and (3), for “Authority”, in each place, substitute “appropriate authority”.

(3) After subsection (3), insert—

(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) For subsection (7), substitute—

(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

In section 104[^f00231] (public file of a friendly society), for “Authority”, in each place, substitute “FCA”.

44

In section 105A(1)(c) [^f00232] (stamp duty land tax), for “Authority” substitute “appropriate authority”.

45

(1) Section 107[^f00233] (time limit for commencing proceedings) is amended as follows.

(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

(3) After subsection (1), insert—

(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

(6) For subsection (4), substitute—

(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) Section 111[^f00234] (evidence) is amended as follows.

(2) In subsection (1)[^f00235], for “Authority” substitute “FCA”.

(3) In subsections (1A) and (1B), for “Authority” substitute “FCA or the PRA”.

47

In section 113(1)[^f00236] (service of notices), for “Authority” substitute “FCA or the PRA”.

48

(1) Section 114[^f00237] (forms of documents and power to prescribe fees) is amended as follows.

(2) In subsection (1), for “The Authority may” substitute “Each of the FCA and the PRA may”.

(3) After subsection (1), insert—

(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) Section 119[^f00238] (general interpretation) is amended as follows.

(2) In subsection (1)—

(a) omit the definition of “the Authority”;

(b) in the definition of “the public file”, for “Authority” substitute “FCA”; and

“the appropriate authority” means— in relation to a society which is a PRA-authorised person, the PRA; and 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

In section 119AB[^f00239] (communication by means of a website)—

(a) for “Authority” substitute “FCA and the PRA”; and

(b) for “Authority’s” substitute “the FCA’s or the PRA’s”.

51

(1) Schedule 3[^f00240] (establishment, incorporation and constitution of incorporated friendly societies) is amended as follows.

(2) For “Authority”, in each place, substitute “FCA”.

(3) In paragraph 1(4), for “it” substitute “the appropriate authority”.

52

In paragraph 2 of Schedule 4[^f00241] (schemes under section 6(5)), for “Authority”, in each place, substitute “FCA”.

53

(1) Schedule 10[^f00242] (application of companies winding up legislation to incorporated friendly societies) is amended as follows.

(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

In paragraph 3 of Schedule 12[^f00243] (annual general meeting), for “Authority”, in each place, substitute “FCA”.

55

(1) Schedule 14[^f00244] (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”.

56

(1) Schedule 15[^f00245] (amalgamations, transfers of engagements and conversion: supplementary) is amended as follows.

(2) In paragraphs 1, 2, 3 and 4, for “Authority”, in each place, substitute “appropriate authority”.

(3) Insert after paragraph 2(2)—

(3) The PRA must consult the FCA before approving a statement under sub-paragraph (2).

(4) After paragraph 4, insert—

(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) after sub-paragraph (5), insert—

(5A) The PRA must send the FCA a copy of any direction, variation or revocation it makes under this paragraph.

(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) After paragraph 11, insert—

(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 10 — Amendments of secondary legislation

Amendments of legislation made under the Building Societies Act 1986

1

In the Schedule to the Building Societies (Deferred Shares) Order 1991[^f00246], for “Authority” substitute “appropriate authority”.

2

In paragraph 13 of Schedule 4 to the Building Societies (Accounts and Related Provisions) Regulations 1998[^f00247], for “Authority” substitute “appropriate authority”.

3

(1) Regulation 3 of the Building Societies (Business Names) Regulations 1998[^f00248] is amended as follows.

(2) For “Authority” substitute “FCA”.

(3) In the heading to that regulation, for “Authority’s” substitute “FCA’s”.

4

(1) The Building Societies (Transfer of Business) Regulations 1998[^f00249] are amended as follows.

(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) The Building Societies (Merger Notification Statement) Regulations 1999[^f00250] are amended as follows.

(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

In paragraph 12 of Schedule 3 to the Friendly Societies (Accounts and Related Provisions) Regulations 1994[^f00251], for “Authority” substitute “appropriate authority”.

Amendments of legislation made under the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007

7

(1) The Mutual Societies (Transfers) Order 2009[^f00252] is amended as follows.

(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 11 — Amendments consequential on Schedules 2 to 10

Consequential amendments to primary legislation

1

(1) The Housing Associations Act 1985[^f00253] is amended as follows.

(2) In section 84(5)(a)[^f00254] (agreements to indemnify certain lenders), for “the Financial Services Authority” substitute “the Financial Conduct Authority, the Prudential Regulation Authority”.

(3) In section 86(4)[^f00255] (agreements to indemnify building societies: Scotland), for “the Financial Services Authority” substitute “the Financial Conduct Authority and the Prudential Regulation Authority”.

2

(1) In the provisions of the Insolvency Act 1986[^f00256] listed in sub-paragraph (2), for “Financial Services Authority” substitute “Financial Conduct Authority”.

(2) The provisions are—

(a) section 124(4AA)[^f00257] (application for winding up);

(b) section 124C(1)(b) and (2)(b)[^f00258] (petition for winding up a European cooperative society).

3

In section 22E(4)(d) of the Company Directors Disqualification Act 1986[^f00259] (application of Act to societies registered under the Industrial and Provident Societies Act 1965), as inserted by section 3 of the Co-operative and Community Benefit Societies and Credit Unions Act 2010[^f00260], for “Financial Services Authority” substitute “Financial Conduct Authority”.

4

In section 229(4) of the Housing (Scotland) Act 1987[^f00261] (local authority indemnities for building societies, etc.), for “Financial Services Authority” substitute “Financial Conduct Authority and the Prudential Regulation Authority”.

5

(1) In the provisions of the Housing Act 1996[^f00262] listed in sub-paragraph (2), for “Financial Services Authority”, in each place, substitute “Financial Conduct Authority”.

(2) The provisions are—

(a) section 3(3)(b)[^f00263] (registration);

(b) section 4(6)(b)[^f00264] (removal from the register);

(d) section 45(4)(d)[^f00266] (effect of agreed proposals);

(e) section 48(3)[^f00267] (powers of the manager: transfer of engagements); and

(f) paragraphs 9, 12 and 15H(5)[^f00268] of Part 2 of Schedule 1 (registered social landlords: regulation).

6

(1) In the provisions of the Housing (Scotland) Act 2001[^f00269] listed in sub-paragraph (2), for “Financial Services Authority” substitute “Financial Conduct Authority”.

(2) The provisions are—

(a) section 59(3) (registration);

(b) section 60(5) (removal from the register); and

7

In section 58(7)(b) of the Charities and Trustee Investment (Scotland) Act 2005[^f00270] (conversion: supplementary), for “Financial Services Authority” substitute “Financial Conduct Authority”.

8

(1) The Housing and Regeneration Act 2008[^f00271] is amended as follows.

(2) In the provisions listed in sub-paragraph (3), for “Financial Services Authority” substitute “Financial Conduct Authority”

(3) The provisions are—

(a) section 120(1)(b)[^f00272] (notice);

(b) section 153(1)(c) and (6)(d) (proposals: procedure);

(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

In section 4(3)(a) of the Co-operative and Community Benefit Societies and Credit Unions Act 2010[^f00273] (power to apply certain other provisions relating to companies), for “Authority” substitute “appropriate authority”.

10

(1) The Housing (Scotland) Act 2010[^f00274] is amended as follows.

(2) In section 18(2) (co-operation with other regulators) for paragraph (f) substitute—

(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);

(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

In section 230(2)(b) of the Charities Act 2011[^f00275] (Commission to consult appropriate registrar and others), for “Financial Services Authority” substitute “Financial Conduct Authority and, 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”.

Consequential amendments to secondary legislation

12

(1) The Friendly Societies (Life Assurance Premium Relief) (Change of Rate) Regulations 1980[^f00276] are amended as follows.

(2) In regulation 2, at the appropriate place, insert—

“relevant authority” means—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, andin 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) The Industrial Assurance (Life Assurance Premium Relief) (Change of Rate) Regulations 1980[^f00277] are amended as follows.

(2) In regulation 2, at the appropriate place, insert—

“relevant authority” means—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, andin any other case, the Financial Conduct Authority;

(3) In regulations 3(3), 5 and 8[^f00278], for “Friendly Societies Commission” substitute “relevant authority”.

14

In regulation 2 of the Community Interest Company Regulations 2005[^f00279], in the definition of “the Authority”, for “Financial Services Authority” substitute “Financial Conduct Authority”.

15

(1) In the provisions of the European Cooperative Society Regulations 2006[^f00280] listed in sub-paragraph (2), for “Financial Services Authority” substitute “Financial Conduct Authority”.

(2) The provisions are—

(a) regulation 3(1)(a),

(b) regulation 8(1), and

16

(1) Schedule 1 to the Building Societies (Insolvency and Special Administration) Order 2009[^f00281]is amended as follows.

(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) In paragraph 32A[^f00282], for “FSA” substitute “FCA and the PRA”.

17

In regulation 3(3)(d) of the Mutual Societies (Transfers of Business) (Tax) Regulations 2009[^f00283], for “Financial Services Authority” substitute “appropriate authority”.

18

(1) The Building Societies (Financial Assistance) Order 2010[^f00284] is amended as follows.

(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) for paragraph (5) substitute—

(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) for paragraph (5) substitute—

(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”,

(d) in paragraph (9), in the paragraph 49C(a) substituted by that paragraph, for “Authority” substitute “Financial Conduct Authority”.

19

(1) The Building Society Special Administration (England and Wales) Rules 2010[^f00285] are amended as follows.

(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) for paragraph (iii), substitute—

(iii) “the FCA” (the Financial Conduct Authority—s 166(2)),

; and

(ii) after paragraph (vi), insert—

(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 12 — Transitional provisions

1

The amendments made by this Order requiring a document, information or matter to be notified, copied or sent to the PRA[^f00286] do not have effect if the document, information or matter was notified, copied or sent to the Financial Services Authority before 1st April 2013.

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.

Signed

Desmond Swayne — Stephen Crabb — Two of the Lords Commissioners of Her Majesty’s Treasury — 5th March 2013

Explanatory note

(This note is not part of the Order)

EXPLANATORY NOTE

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.

Footnotes

[^f00001]: 2012 c.21.

[^f00002]: Section 117(1) of the Financial Services Act 2012 defines “FSMA 2000” as meaning the Financial Services and Markets Act 2000, “FCA” as meaning the Financial Conduct Authority and “PRA” as meaning the Prudential Regulation Authority.

[^f00003]: Section 1A(1) of FSMA 2000, as amended by section 6 of the 2012 Act, renames the Financial Services Authority as the Financial Conduct Authority.

[^f00004]: Section 117 of the 2012 Act defines “the FCA” as meaning the Financial Conduct Authority and “the PRA” as meaning the Prudential Regulation Authority.

[^f00005]: Section 50(2) of the 2012 Act defines “the legislation relating to mutual societies” as the Industrial and Provident Societies Act 1965 (c.12), the Industrial and Provident Societies Act 1967 (c.48), the Friendly and Industrial and Provident Societies Act 1968 (c.55), the Industrial and Provident Societies Act (Northern Ireland) 1969 (Chapter 24), the Friendly Societies Act 1974 (c.46), the Credit Unions Act 1979 (c.34), the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)), the Building Societies Act 1986 (c.53) and the Friendly Societies Act 1992 (c.40).

[^f00006]: Sections 1A, 1S, 3D, 3E, and 3I to 3K of, and Schedule 1ZA to, FSMA 2000 are inserted by section 6 of and Schedule 3 to the 2012 Act.

[^f00007]: Section 139A of FSMA 2000 is inserted by section 24 of the 2012 Act.

[^f00008]: Section 415 of FSMA 2000 is amended by section 16(14)(j) of, and paragraph 24 of Schedule 18 to, the 2012 Act.

[^f00009]: Sections 2A to 2I and section 2O of, and Schedule 1ZB to, FSMA 2000 are inserted by section 6 of and Schedule 3 to the 2012 Act.

[^f00010]: 1975 c.41.

[^f00011]: 1978 c.34.

[^f00012]: Section 138I of FSMA 2000 is inserted by section 24 of the 2012 Act.

[^f00013]: Section 140A of FSMA 2000 is inserted by section 24 of the 2012 Act.

[^f00014]: Sections 139A and 139B of FSMA 2000 are inserted by section 24 of the 2012 Act.

[^f00071]: 1974 c.46.

[^f00072]: Section 12 was amended by S.I. 2001/2617.

[^f00073]: Section 15A was inserted by paragraph 6 of Schedule 16 to the Friendly Societies Act 1992 (c.40) and amended by S.I. 2001/2617.

[^f00074]: Section 16 was amended by S.I. 2001/2617, and by Part 1 of Schedule 22 to the Friendly Societies Act 1992.

[^f00075]: Section 18 was amended by S.I. 2001/2617.

[^f00076]: Section 19 was amended by S.I. 2001/2617.

[^f00077]: Section 20 was amended by S.I. 2001/2617.

[^f00078]: Section 24 was substituted by paragraph 9 of Schedule 16 to the Friendly Societies Act 1992 and amended by S.I. 2001/2617.

[^f00079]: Section 43 was amended by paragraph 12 of Schedule 16 to the Friendly Societies Act 1992, S.I. 1996/1738 and S.I. 2001/2617.

[^f00080]: Section 55(1) was amended by S.I. 2001/2617.

[^f00081]: Section 81(1) was amended by S.I. 2001/2617.

[^f00082]: Section 82(5) was amended by Schedule 22 to the Friendly Societies Act 1992 and S.I. 2001/3649.

[^f00083]: Section 84(2) and (3) was amended by paragraph 31 of Schedule 16 to the Friendly Societies Act 1992, S.I. 2001/3649 and S.I. 2009/1941. There are other amending instruments, but none is relevant.

[^f00084]: Section 84A(6) was inserted by paragraph 32 of Schedule 16 to the Friendly Societies Act 1992 and amended by S.I. 2001/3649.

[^f00085]: Section 85 was amended by S.I. 2001/2617.

[^f00086]: Section 86(3) and (4) was amended by S.I. 2001/2617.

[^f00087]: Section 91 was amended by paragraph 37 of Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617.

[^f00088]: Section 94 was amended by S.I. 2001/2617 and S.I. 2001/3649.

[^f00089]: Section 99(6) was amended by S.I. 2001/2617.

[^f00090]: Section 101 was amended by S.I. 2001/2617.

[^f00091]: Section 104A was substituted by S.I. 2001/2617.

[^f00092]: Section 109(1) was amended by S.I. 2001/2617 and S.I. 2001/3649.

[^f00093]: Section 110 was amended by S.I. 2001/2617.

[^f00094]: Section 111(3) was substituted by S.I. 2001/2617.

[^f00095]: Paragraphs 7 and 15 of Schedule 2 were amended by paragraphs 1 and 51(2) of Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617.

[^f00096]: Section 30A was inserted by S.I. 1996/1738 and amended by S.I. 2001/2617.

[^f00097]: Section 32 was amended by paragraph 12 of Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617.

[^f00098]: Section 32A was inserted by S.I. 1996/1738 and amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00099]: Section 39C was inserted by S.I. 1996/1738 and amended by S.I. 2001/2617.

[^f00100]: Section 41 was amended by paragraph 12 of Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617.

[^f00101]: Section 42 was amended by paragraph 12 of Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617.

[^f00102]: Section 43(6) was amended by paragraph 12 of Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617.

[^f00103]: Section 65A was inserted by paragraph 23 of Schedule 16 to the Friendly Societies Act 1992 and amended by S.I. 2001/2617.

[^f00104]: Section 76(3C) was inserted by S.I. 2001/2617.

[^f00105]: Section 87 was amended by paragraph 34 of Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617.

[^f00106]: Section 90 was amended by paragraph 36 of Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617.

[^f00107]: Section 91(1) was amended by S.I. 2001/2617.

[^f00108]: Section 93(1)(c) was amended by S.I. 2001/2617.

[^f00109]: Section 94 was amended by paragraph 38(b) of Schedule 16 to the Friendly Societies Act 1992 S.I. 2001/2617 and S.I. 2001/3649.

[^f00110]: Section 95 was amended by paragraph 39 of Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617.

[^f00111]: Section 95A was inserted by paragraph 39 of Schedule 16 to the Friendly Societies Act 1992 and amended by S.I. 2001/2617.

[^f00112]: Section 97 was amended by paragraph 41 of Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617.

[^f00113]: Section 98 was amended by paragraph 42 of Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00114]: Section 101 was amended by S.I. 2001/2617.

[^f00115]: Section 109(1)(c) was amended by S.I. 2001/2617.

[^f00116]: Section 111 was amended by Schedule 16 to the Friendly Societies Act 1992 and S.I. 2001/2617.

[^f00117]: 1979 c.34.

[^f00118]: Section 41 was amended by S.I. 2001/2617, S.I. 2002/1501, S.I. 2003/256 and S.I. 2011/2687.

[^f00119]: Section 1A was inserted by S.I. 2011/2687.

[^f00120]: Section 1B was inserted by S.I. 2011/2687.

[^f00121]: Section 3 was amended by S.I. 2003/256. There are other amending instruments, but none is relevant.

[^f00122]: Section 4 was amended by S.I. 2001/2617 and S.I. 2002/1555.

[^f00123]: Section 5A was inserted by S.I. 2011/2687.

[^f00124]: Section 7A was inserted by S.I. 2011/2687.

[^f00125]: Section 16(3) was amended by S.I. 2001/2617.

[^f00126]: Section 17 was amended by S.I. 2001/2617 and S.I. 2002/1501.

[^f00127]: Section 18 was amended by S.I. 2001/2617 and S.I. 2002/1501.

[^f00128]: Section 20 was amended by S.I. 2001/2617, S.I. 2002/1501 and S.I. 2011/2687.

[^f00129]: Section 21 was amended by S.I. 2001/2617, S.I. 2002/1501 and S.I. 2011/2687.

[^f00130]: Section 23 was amended by S.I. 2001/2617 and S.I. 2002/1501.

[^f00131]: Section 31 was amended by S.I. 2002/1501. There are other amending instruments, but none is relevant.

[^f00132]: Section 31A was inserted by S.I. 2011/2687.

[^f00133]: Section 32 was amended by S.I. 2001/2617 and S.I. 2002/1555.

[^f00134]: Paragraphs 7 and 11 of Schedule 1 were amended by S.I. 2002/1501.

[^f00135]: S.I. 1985/1205 (N.I. 12), as amended by S.I. 2011/2832. There are other amending instruments, but none is relevant.

[^f00136]: 1986 c.53.

[^f00137]: Section 1 was amended by S.I. 2001/2617.

[^f00138]: Section 5 was amended by the Building Societies Act 1997 (c.32), section 1, the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c.26), section 1 and S.I. 2001/2617.

[^f00139]: Section 6 was substituted by the Building Societies Act 1997, section 4 and amended by S.I. 2001/2617 and S.I. 2001/3649.

[^f00140]: Section 7(5)(a) was amended by S.I. 2001/2617.

[^f00141]: Section 8(3) was amended by S.I. 2001/2617.

[^f00142]: Section 9A was inserted by the Building Societies Act 1997, section 10 and subsection (5) was amended by S.I. 2001/3649.

[^f00143]: Section 36 was substituted by the Building Societies Act 1997, section 13 and amended by S.I. 2001/2617.

[^f00144]: Section 36A was inserted by the Building Societies Act 1997, section 14 and amended by S.I. 2001/2617.

[^f00145]: Section 37 was substituted by the Building Societies Act 1997, section 15 and amended by S.I. 2001/2617.

[^f00146]: Section 42B was inserted by the Building Societies Act 1997, section 17 and amended by S.I. 2001/2617.

[^f00147]: Section 42C was inserted by the Building Societies Act 1997, section 18 and amended by S.I. 2001/2617.

[^f00148]: Section 46A was substituted by S.I. 2001/2617 and amended by S.I. 2010/22.

[^f00149]: Section 52 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00150]: Section 52B was substituted by S.I. 2001/2617.

[^f00151]: Section 53A was substituted by S.I. 2001/2617.

[^f00152]: Section 54 was amended S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00153]: Section 55 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00154]: Section 56 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00155]: Section 57 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00156]: Section 59(6) was amended by S.I. 2001/2617.

[^f00157]: Section 61 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00158]: Section 69 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00159]: Section 76(8) and (12) were amended by S.I. 2001/2617.

[^f00160]: Section 78C was inserted by S.I. 2008/1519.

[^f00161]: Section 78D was inserted by S.I. 2008/1519.

[^f00162]: Section 81(2), (3) and (7) were amended by S.I. 2001/2617.

[^f00163]: Section 87 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00164]: Section 88(2) was amended by S.I. 2001/2617.

[^f00165]: Section 89(1) was amended by S.I. 2001/2617.

[^f00166]: Section 89A was inserted by S.I. 2009/805.

[^f00167]: Section 90D was inserted by S.I. 2009/805.

[^f00168]: Section 91(4) was amended by S.I. 2001/2617.

[^f00169]: Section 93 was amended by S.I. 2001/2617 and S.I. 2010/22. There are other amending instruments, but none is relevant.

[^f00170]: Section 94 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00171]: Section 95 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00172]: Section 96 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00173]: Section 97 was amended by S.I. 2001/2617 and S.I. 2009/1941. There are other amending instruments, but none is relevant.

[^f00174]: Section 98 was S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00175]: Section 100(7) was amended by S.I. 2001/2617.

[^f00176]: Section 101(4) was amended by S.I. 2001/3649. There are other amending instruments, but none is relevant.

[^f00177]: Section 103 was amended by S.I. 2001/2617 and S.I. 2009/805.

[^f00178]: Section 106 was amended by S.I. 2001/2617.

[^f00179]: Section 107 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00180]: Section 111(1), (2) and (3) were amended by S.I. 2001/2617.

[^f00181]: Section 113(1), (1A) and (1B) were substituted by S.I. 2001/2617.

[^f00182]: Section 115(1) was amended by S.I. 2001/2617.

[^f00183]: Section 116 was substituted by S.I. 2001/2617.

[^f00184]: Section 119(1) was amended by the Building Societies Act 1997, S.I. 1996/1669, S.I. 2001/2617, S.I. 2001/3649, S.I. 2003/404, S.I. 2004/3380, S.I. 2008/948, S.I. 2009/805, and S.I. 2009/1941. Subsection (1A) was inserted by S.I. 2001/2617.

[^f00185]: Schedule 2 was amended by S.I. 2001/2617 and S.I. 2003/404. There are other amending instruments, but none is relevant.

[^f00186]: Schedule 8A was inserted by the Building Societies Act 1997, Schedule 17 and amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00187]: Schedule 11 was amended by S.I. 2001/2617, S.I. 2003/404 and S.I. 2008/1519.

[^f00188]: Schedule 14 was amended by S.I. 2001/2617.

[^f00189]: Schedule 15 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00190]: Schedule 15A was inserted by the Building Societies Act 1997, Schedule 6 and amended by S.I. 2001/2617. Paragraph 9A was inserted by the Insolvency Act 2000 (c.39), Schedule 2, paragraph 14. Paragraph 31A was inserted by S.I. 2002/3152. There are other amending instruments, but none is relevant.

[^f00191]: Schedule 16 was amended by S.I. 2001/2617, S.I. 2003/404 and S.I. 2011/593. There are other amending instruments, but none is relevant.

[^f00192]: Schedule 17 was amended by S.I. 2001/2617 and S.I. 2003/404. There are other amending instruments, but none is relevant.

[^f00193]: 1992 c.40.

[^f00194]: Section 1 was amended by S.I. 2001/2617.

[^f00195]: Section 5(3) was amended by S.I. 2001/2617.

[^f00196]: Section 6 was amended by S.I. 2001/2617.

[^f00197]: Section 11(5) was amended by S.I. 2001/2617.

[^f00198]: Section 14 was amended by S.I. 2001/2617.

[^f00199]: Section 20 was amended by S.I. 2001/2617.

[^f00200]: Section 21(2) was amended by S.I. 2001/2617.

[^f00201]: Section 22 was amended by S.I. 2001/2617.

[^f00202]: Section 24(6) was amended by S.I. 2001/2617.

[^f00203]: Section 25(4) was amended by S.I. 2001/2617.

[^f00204]: Section 26 was amended by S.I. 1996/1669 and S.I. 2001/2617.

[^f00205]: Section 29 was amended by S.I. 2001/2617.

[^f00206]: Section 37 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00207]: Section 52 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00208]: Section 54 was amended by S.I. 2001/2617.

[^f00209]: Section 55(2) was amended by S.I. 2001/2617.

[^f00210]: Section 58A was inserted by S.I. 2001/2617 and amended by S.I. 2010/22.

[^f00211]: Section 62 was amended by the Legal Services Act 2007, S.I. 1994/1984 and S.I. 2001/2617.

[^f00212]: Section 62A was inserted by S.I. 2001/2617.

[^f00213]: Section 63A was inserted by S.I. 2001/2617.

[^f00214]: Section 65 and the heading to that section were amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00215]: Section 66 was amended by S.I. 2001/2617 and S.I. 2009/1941.

[^f00216]: Section 67 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00217]: Section 74B was amended by S.I. 2008/1140.

[^f00218]: Section 74C was amended by S.I. 2008/1140.

[^f00219]: Section 76 was amended by S.I. 2001/2617.

[^f00220]: Section 78 was amended by S.I. 2001/2617, S.I. 2008/1140 and S.I. 2011/593.

[^f00221]: Section 81(2) was amended by S.I. 2001/2617.

[^f00222]: Section 85 was amended by S.I. 2001/2617, S.I. 2001/3649 and S.I. 2010/22.

[^f00223]: Section 86 was amended by S.I. 2001/2617, S.I. 2001/3649, S.I. 2009/1941 and S.I. 2010/22.

[^f00224]: Section 87(2) and (3) were amended by S.I. 1997/2849, S.I. 1999/1984 and S.I. 2001/2617.

[^f00225]: Section 88(2) and (3) were amended by S.I. 2001/2617.

[^f00226]: Section 89 was amended by S.I. 2001/2617.

[^f00227]: Section 90 was amended by S.I. 2001/2617 and S.I. 2001/3649.

[^f00228]: Section 91 was amended by S.I. 2001/2617 and S.I. 2009/1941.

[^f00229]: Section 93 was amended by S.I. 1996/1188 and S.I. 2001/2617.

[^f00230]: Section 103 was amended by S.I. 1996/1188 and S.I. 2001/2617.

[^f00231]: Section 104 was amended by S.I. 2001/2617, S.I. 2001/3649 and S.I. 2011/593.

[^f00232]: Section 105A was inserted by S.I. 2003/2867.

[^f00233]: Section 107 was amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

[^f00234]: Section 111 was amended by S.I. 2001/2617.

[^f00235]: Section 113(1), (1A) and (1B) were substituted by S.I. 2001/2617.

[^f00236]: Section 113(1) was amended by S.I. 2001/2617.

[^f00237]: Section 114 was amended by S.I. 2001/3649 and S.I. 2011/593.

[^f00238]: Section 119 was amended by S.I. 2001/2617 and S.I. 2001/3649. There are other amending instruments, but none is relevant.

[^f00239]: Section 119AB was inserted by S.I. 2011/593.

[^f00240]: Schedule 3 was amended by S.I. 1996/1669, S.I. 2001/2617 and S.I. 2011/593.

[^f00241]: Paragraph 2 of Schedule 4 was amended by S.I. 2001/2617.

[^f00242]: The relevant paragraphs of Schedule 10 were amended by S.I. 2001/2617.

[^f00243]: Paragraph 3 of Schedule 12 was amended by S.I. 2001/2617.

[^f00244]: The relevant paragraphs of Schedule 14 were amended by S.I. 2001/2617 and S.I. 2008/1140.

[^f00245]: Schedule 15 was amended by S.I. 2001/2617, S.I. 2001/3679 and S.I. 2011/593. There are other amending instruments, but none is relevant.

[^f00246]: S.I. 1991/701, as amended by S.I. 2001/3649.

[^f00247]: S.I. 1998/504, as amended by S.I. 2001/3649.

[^f00248]: S.I. 1998/3186, as amended by S.I. 2001/3649.

[^f00249]: S.I. 1998/212, as amended by S.I. 2001/3649.

[^f00250]: S.I. 1999/1215, as amended by S.I. 2001/3649.

[^f00251]: S.I. 1994/1983, as amended by S.I. 2001/3649.

[^f00252]: S.I. 2009/509.

[^f00253]: 1985 c.69.

[^f00254]: Paragraph (a) was amended by S.I. 2001/3649 and S.I. 2009/484.

[^f00255]: Subsection (4) was amended by S.I. 1996/2325 and S.I. 2001/3649.

[^f00256]: 1986 c.45.

[^f00257]: Section 124(4AA) was inserted by S.I. 2006/2078.

[^f00258]: Section 124C was inserted by S.I. 2006/2078.

[^f00259]: 1986 c.46.

[^f00260]: 2010 c.7.

[^f00261]: 1987 c.26. Section 229(4) was amended by S.I. 2001/3649.

[^f00262]: 1996 c.52.

[^f00263]: Section 3(3)(b) was amended by S.I. 2001/3649.

[^f00264]: Section 4(6)(b) was amended by S.I. 2001/3649.

[^f00265]: Section 6(3)(b) was amended by S.I. 2001/3649.

[^f00266]: Section 45(4)(d) was amended by S.I. 2001/3649. There are other amending instruments, but none is relevant.

[^f00267]: Section 48(3) was amended by S.I. 2001/3649.

[^f00268]: Paragraphs 9(1) and 12(1) were amended by S.I. 2001/3649. Paragraph 15H(5) was inserted by the Housing (Wales) Measure 2011 (2011 nawm 5), section 78.

[^f00269]: 2001 asp 10.

[^f00270]: 2005 asp 10.

[^f00271]: 2008 c.17.

[^f00272]: Section 120(1)(b) was amended by S.I. 2010/844.

[^f00273]: 2010 c.7.

[^f00274]: 2010 asp 17.

[^f00275]: 2011 c.25.

[^f00276]: S.I. 1980/1947.

[^f00277]: S.I. 1980/1948.

[^f00278]: Regulations 3, 5 and 8 were amended by S.I. 1995/710.

[^f00279]: S.I. 2005/1788, as amended by S.I. 2009/1942. There are other amending instruments, but none is relevant.

[^f00280]: S.I. 2006/2078.

[^f00281]: S.I. 2009/805, as amended by S.I. 2010/1189.

[^f00282]: Paragraph 32A was inserted by S.I. 2010/1189.

[^f00283]: S.I. 2009/2971.

[^f00284]: S.I. 2010/1188.

[^f00285]: S.I. 2010/2580.

[^f00286]: Section 117 of the 2012 Act defines “the PRA” as meaning the Prudential Regulation Authority.

Editorial notes

[^key-d3ea484538f77c5aef4e275ecd90a09f]: Art. 1 in force at 1.4.2013, see art. 1(1)

[^key-fbc83455f3c0ceb59331a4016f56eb30]: Art. 2 in force at 1.4.2013, see art. 1(1)

[^key-b07e59272b8c2ca1e2caae8d3331b677]: Sch. 1 para. 1 in force at 1.4.2013, see art. 1(1)

[^key-e069529bfb6b12112a4b0029541bf46e]: Sch. 1 para. 2 in force at 1.4.2013, see art. 1(1)

[^key-6691ff29d7f142f05449ff699adbf505]: Sch. 1 para. 3 in force at 1.4.2013, see art. 1(1)

[^key-7c2bf851cccf49e6118ff0e60a0e5700]: Sch. 1 para. 4 in force at 1.4.2013, see art. 1(1)

[^key-0a4dc7f5cda504ef397c69d9b607646e]: Sch. 1 para. 5 in force at 1.4.2013, see art. 1(1)

[^key-c25f08798af03a8771476ae372182d8b]: Sch. 1 para. 6 in force at 1.4.2013, see art. 1(1)

[^key-a434a5e1254aefe671c2106b08fdcf35]: Sch. 1 para. 7 in force at 1.4.2013, see art. 1(1)

[^key-53e698ee7ed23003b26d04ecfb9454a6]: Sch. 1 para. 8 in force at 1.4.2013, see art. 1(1)

[^key-21ef8f95ecded7317bb987c16ded9178]: Sch. 1 para. 9 in force at 1.4.2013, see art. 1(1)

[^key-e93c6ecf17c6e8d3e90df0dab5377fe2]: Sch. 1 para. 10 in force at 1.4.2013, see art. 1(1)

[^key-c7dec29796dc36a8f4e96e036195c744]: Sch. 5 para. 1 in force at 1.4.2013, see art. 1(1)

[^key-47c1e46ccbb0d9fea0c6b73fc06d200a]: Sch. 5 para. 2 in force at 1.4.2013, see art. 1(1)

[^key-f7cdda85206811a37bf0cab253da77fa]: Sch. 5 para. 3 in force at 1.4.2013, see art. 1(1)

[^key-e576b71e2c4c4be66672727a89245c87]: Sch. 5 para. 4 in force at 1.4.2013, see art. 1(1)

[^key-eb60fcb212dd7caf40e9d567182a3ea8]: Sch. 5 para. 5 in force at 1.4.2013, see art. 1(1)

[^key-91874d0a6226b65b566a4c2fea623784]: Sch. 5 para. 6 in force at 1.4.2013, see art. 1(1)

[^key-4d61c98cd2068d96e0d96c3cbbbf8700]: Sch. 5 para. 7 in force at 1.4.2013, see art. 1(1)

[^key-0020fe21f4d88b13bafb2ece50d97c57]: Sch. 5 para. 8 in force at 1.4.2013, see art. 1(1)

[^key-bed52dc40416cec54cba676087ed9b79]: Sch. 5 para. 9 in force at 1.4.2013, see art. 1(1)

[^key-6d34e6bca068e4601d5d50e5de0c8dae]: Sch. 5 para. 10 in force at 1.4.2013, see art. 1(1)

[^key-5f8514ec3246eae46003c41e6c1ae1ce]: Sch. 5 para. 11 in force at 1.4.2013, see art. 1(1)

[^key-32b761fcf642a1908620564a043958ec]: Sch. 5 para. 12 in force at 1.4.2013, see art. 1(1)

[^key-9842d966d96eba25d457323b771be750]: Sch. 5 para. 13 in force at 1.4.2013, see art. 1(1)

[^key-9b436ddb5e90b71abf5cbbbcf5413ee9]: Sch. 5 para. 14 in force at 1.4.2013, see art. 1(1)

[^key-1adf0cba78d24a790cde1de75db4a72d]: Sch. 5 para. 15 in force at 1.4.2013, see art. 1(1)

[^key-e6a9b794955a1cef0bed1ed4cee93b46]: Sch. 5 para. 16 in force at 1.4.2013, see art. 1(1)

[^key-96d72c8a8f859acb5be757d639d11d07]: Sch. 5 para. 17 in force at 1.4.2013, see art. 1(1)

[^key-d57a2d9a88af0610dae1c587b72e7ac8]: Sch. 5 para. 18 in force at 1.4.2013, see art. 1(1)

[^key-391e5ade2e9db366c8f0c9c8f63f7f3a]: Sch. 5 para. 19 in force at 1.4.2013, see art. 1(1)

[^key-5e02a9a3a21f5e1fd4591c682b950d61]: Sch. 5 para. 20 in force at 1.4.2013, see art. 1(1)

[^key-0a3888662815535bed473d5a002abf87]: Sch. 5 para. 21 in force at 1.4.2013, see art. 1(1)

[^key-08725a547eff4ed0a210fa6916f4c071]: Sch. 5 para. 22 in force at 1.4.2013, see art. 1(1)

[^key-aaaab4ae71aadfe133f8786bd472f1d5]: Sch. 5 para. 23 in force at 1.4.2013, see art. 1(1)

[^key-f7442d9aeab2b5519aba47b0101e2dfa]: Sch. 5 para. 24 in force at 1.4.2013, see art. 1(1)

[^key-d5a077a8506b6e8a06407da948008b57]: Sch. 5 para. 25 in force at 1.4.2013, see art. 1(1)

[^key-0a57eb6a9280a35ce374c6125d72779f]: Sch. 6 para. 1 in force at 1.4.2013, see art. 1(1)

[^key-102cc0eae12c046cdc97c6f43b33cf6f]: Sch. 6 para. 2 in force at 1.4.2013, see art. 1(1)

[^key-a20bead002f2c7e88526993f5c284294]: Sch. 6 para. 3 in force at 1.4.2013, see art. 1(1)

[^key-39c2386893bd4a4a8323b1c841b8d1ef]: Sch. 6 para. 4 in force at 1.4.2013, see art. 1(1)

[^key-529a08df50422d7e98df3ea43608bac4]: Sch. 6 para. 5 in force at 1.4.2013, see art. 1(1)

[^key-e4c6b54070f164106635522609c110b1]: Sch. 6 para. 6 in force at 1.4.2013, see art. 1(1)

[^key-88bff0d5aa7a47825f24e2fb9afe540a]: Sch. 6 para. 7 in force at 1.4.2013, see art. 1(1)

[^key-310f0de19689910bada4c05bc7e3d513]: Sch. 6 para. 8 in force at 1.4.2013, see art. 1(1)

[^key-e1d66af7fbccae6f802c67a6539b3d2f]: Sch. 6 para. 9 in force at 1.4.2013, see art. 1(1)

[^key-83f95aafd5daf566e1822e1278a90947]: Sch. 6 para. 10 in force at 1.4.2013, see art. 1(1)

[^key-49d4ae95b16d5de9dde0e68348969421]: Sch. 6 para. 11 in force at 1.4.2013, see art. 1(1)

[^key-c2d3c749e33af681bb75cd6ac8439eae]: Sch. 6 para. 12 in force at 1.4.2013, see art. 1(1)

[^key-d2749f99e6cb407237e5880a44e5664a]: Sch. 6 para. 13 in force at 1.4.2013, see art. 1(1)

[^key-a95a3e4b6c42061d7ead85cc1d274f3f]: Sch. 6 para. 14 in force at 1.4.2013, see art. 1(1)

[^key-6cec81c2b91c7bb247719daa2cdf491c]: Sch. 6 para. 15 in force at 1.4.2013, see art. 1(1)

[^key-9360620272617280451fd22e15a868da]: Sch. 6 para. 16 in force at 1.4.2013, see art. 1(1)

[^key-b7d776f692febf57f143862d51737d33]: Sch. 6 para. 17 in force at 1.4.2013, see art. 1(1)

[^key-738ca6b84a823cc7644dad485401d554]: Sch. 6 para. 18 in force at 1.4.2013, see art. 1(1)

[^key-ccb826aba016ce48d5ff51c019f5af64]: Sch. 6 para. 19 in force at 1.4.2013, see art. 1(1)

[^key-483a5ff4a49710b34732d384d7d6b572]: Sch. 7 para. 1 in force at 1.4.2013, see art. 1(1)

[^key-affcc182ea88bff21881ea7cc0cc81da]: Sch. 7 para. 2 in force at 1.4.2013, see art. 1(1)

[^key-7bb2956cffc6ead77f2f0379c4f2501f]: Sch. 7 para. 3 in force at 1.4.2013, see art. 1(1)

[^key-ed925c618d923aa5d3e44e6b015d99f2]: Sch. 7 para. 4 in force at 1.4.2013, see art. 1(1)

[^key-5a97079d1098c6a7c851ffd5ec08a96e]: Sch. 7 para. 5 in force at 1.4.2013, see art. 1(1)

[^key-b4e394af662a89f976a0859541b3222f]: Sch. 7 para. 6 in force at 1.4.2013, see art. 1(1)

[^key-d9bbaca0fa9dce218bdf4d7c26c313d3]: Sch. 7 para. 7 in force at 1.4.2013, see art. 1(1)

[^key-d701e2a3b6f84d5c1b3384243291f410]: Sch. 7 para. 8 in force at 1.4.2013, see art. 1(1)

[^key-166105731dfa314a9fa4b2188650f0a3]: Sch. 7 para. 9 in force at 1.4.2013, see art. 1(1)

[^key-61e7111e7260201cc505823d33f33fae]: Sch. 7 para. 10 in force at 1.4.2013, see art. 1(1)

[^key-156624ad73e94b575055c55411fa1815]: Sch. 7 para. 11 in force at 1.4.2013, see art. 1(1)

[^key-ac684398c6d10aa33cf28441f4f4a35d]: Sch. 7 para. 12 in force at 1.4.2013, see art. 1(1)

[^key-1ec85c635ba960d4c3d5b416aa1e0e5a]: Sch. 7 para. 13 in force at 1.4.2013, see art. 1(1)

[^key-9adc728d510e01a9e9ab6f0988e14098]: Sch. 7 para. 14 in force at 1.4.2013, see art. 1(1)

[^key-3a59d98a8bf21cb0f269ae7f2c64e0e9]: Sch. 7 para. 15 in force at 1.4.2013, see art. 1(1)

[^key-63c07bae6c9f5236774c9ddabfd3f0e5]: Sch. 7 para. 16 in force at 1.4.2013, see art. 1(1)

[^key-bf0408059b0f404af4672b6214ae4e2a]: Sch. 8 para. 1 in force at 1.4.2013, see art. 1(1)

[^key-f058277163a2b02bdf7bd04c4e69f736]: Sch. 8 para. 2 in force at 1.4.2013, see art. 1(1)

[^key-fa4a300e61f5101ffd963d5ceab80dba]: Sch. 8 para. 3 in force at 1.4.2013, see art. 1(1)

[^key-a9319e817bfee3241eed11321add6b42]: Sch. 8 para. 4 in force at 1.4.2013, see art. 1(1)

[^key-3bd646aa73601103c82d6e5f8bca78df]: Sch. 8 para. 5 in force at 1.4.2013, see art. 1(1)

[^key-4f2afe998c3b4a38d83598044024b4ea]: Sch. 8 para. 6 in force at 1.4.2013, see art. 1(1)

[^key-ff79b6aed3cce62fc7c587662112796b]: Sch. 8 para. 7 in force at 1.4.2013, see art. 1(1)

[^key-fdafd58ab1d3110bf10c4c6671872d17]: Sch. 8 para. 8 in force at 1.4.2013, see art. 1(1)

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