The Financial Services Act 2012 (Mutual Societies) Order 2018

General

2.—(1) For the purposes of the provisions specified in sub-paragraph (2) the functions transferred by this Order are to be treated as functions conferred on the FCA under a provision of FSMA 2000.

(2) The provisions are—

(a) section 1A(3) and Schedule 1ZA(1) (which make general provision in relation to the FCA and its functions);

(b) section 1S (reviews)(2);

(c) section 3D (duty of FCA and PRA to ensure co-ordinated exercise of functions);

(d) section 3E (memorandum of understanding);

(e) sections 3I to 3K (power of PRA to restrain proposed action by FCA);

(f) section 139A(3) (power of the FCA to give guidance); and

(g) section 415(4) (jurisdiction in civil proceedings).

(1)

Sections 1A, 1S, 3D, 3E and 3I to 3K of, and Schedule 1ZA to, FSMA 2000 were inserted by the Financial Services Act 2012, section 6 and Schedule 3. Schedule 1ZA to FSMA 2000 was also amended by the Bank of England and Financial Services Act 2016 (c. 14), the Financial Services (Banking Reform) Act 2013 (c. 33) and the Pension Schemes Act 2015 (c. 8).

(2)

Section 1S was amended by Schedule 3 to the Pension Schemes Act 2015.

(3)

Section 139A of FSMA 2000 was inserted by the Financial Services Act 2012, section 24. Sub-section 1A was inserted by paragraph 9 of Schedule 3 to the Pension Schemes Act 2015. Sub-section 4 was amended by SI 2016/680.

(4)

Section 415 of FSMA 2000 was amended by the Financial Services Act 2012, section 16(14)(j) and Schedule 18, paragraph 24.