The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002

The Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001 (S.I. 2001/3647)

Offences under the Industrial Assurance Acts: application in relation to Guernsey and Jersey

48.—(1) Schedule 1 to the Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001 is amended as follows.

(2) In paragraph 31, for “paragraphs 20 and 25” substitute “paragraphs 20, 24 and 25”.

(3) Paragraph 34 is revoked, and in its place insert—

“34.   In relation to the Channel Islands, section 39 of the 1923 Act (offences) has effect with the substitution for subsection (1) of the following—

(1) Any collecting society or industrial assurance company which contravenes or fails to comply with any of the provisions of this Act shall be guilty of an offence and liable, on summary conviction, to a fine not exceeding level 4 on the standard scale.”.

• After paragraph 36 insert—

  “36A.   In relation to the Channel Islands, section 16 of the 1948 Act (offences)(1) has effect with the substitution for subsection (2) of the following—

  (2) Any collecting society or industrial assurance company which contravenes or fails to comply with any of the provisions of this Act, or of regulations made for the purposes of section 8 of this Act, shall be guilty of an offence under the Industrial Assurance Act 1923.”.

(1)

Section 16(2) was repealed in so far as it related to industrial assurance companies by the Companies Act 1969 (c. 81), section 130(4)(d), Schedule 8, Part IV. Section 89(1)(a) of that Act made equivalent provision in relation to industrial assurance companies. That Act was repealed by S.I. 2001/3647, Schedule 3, paragraph 8, and this amendment is consequential upon that repeal.