Financial Services Act 2012

50 Mutual societies: power to transfer functions

(1) The Treasury may by order amend the legislation relating to mutual societies for any of the relevant purposes.

(2) “The legislation relating to mutual societies” means—

(a) the Industrial and Provident Societies Act 1965;

(b) the Industrial and Provident Societies Act 1967;

(c) the Friendly and Industrial and Provident Societies Act 1968;

(d) the Industrial and Provident Societies Act (Northern Ireland) 1969;

(e) the Friendly Societies Act 1974;

(f) the Credit Unions Act 1979;

(g) the Credit Unions (Northern Ireland) Order 1985;

(h) the Building Societies Act 1986;

(i) the Friendly Societies Act 1992.

(3) The relevant purposes are—

(a) providing for any function of the FSA to be exercisable by that body corporate as the FCA;

(b) providing for any function of the FSA to be transferred to the PRA;

(c) providing for any function of the FSA to be exercisable by that body corporate as the FCA and also to be exercisable concurrently by the PRA;

(d) providing for any function which is exercisable by the FCA or the PRA (whether by virtue of a previous order under this section or otherwise) to be transferred to, or to be exercisable concurrently by, the other regulator;

(e) providing for any function which is exercisable by the FCA and the PRA (whether by virtue of a previous order under this section or otherwise) to be exercisable only by one of them;

(f) making provision that appears to the Treasury to be necessary or expedient in consequence of the provisions of this Act.

(4) In relation to the Industrial and Provident Societies Act (Northern Ireland) 1969 and the Credit Unions (Northern Ireland) Order 1985, the relevant purposes also include—

(a) providing for any function of a Northern Ireland department or the Registrar of Credit Unions for Northern Ireland to be transferred to the FCA or the PRA, or to both the FCA and PRA to be exercised concurrently;

(b) providing for any function of a Northern Ireland department or the Registrar of Credit Unions for Northern Ireland which relates to the determination of disputes to be exercisable instead by a court.