The Financial Services Act 2012 (Mutual Societies) Order 2013

Interpretation

1.  In this Schedule—

(a) “mutuals expenditure” means expenditure of the FCA or the PRA(1) incurred—

(i) in carrying out functions which are conferred by the legislation relating to mutual societies(2) or are otherwise exercisable by virtue of this Order;

(ii) for any purpose incidental to or in connection with the carrying out of such functions (including expenditure incurred before 1st April 2013 in preparation for the assumption of those functions); and

(b) any reference to a section or Schedule is a reference to FSMA 2000.

(1)

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

(2)

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).