The Financial Services Act 2012 (Mutual Societies) Order 2013

2.—(1) Section 1(1) (registration under the Industrial and Provident Societies Act 1965) is amended as follows.

(2) In subsection (1)—

(a) in paragraph (a), for “Authority” substitute “FCA”;

(b) in paragraph (d), for “to the Authority for Part IV permission under section 40” substitute “for permission under Part 4A”;

(c) at end of paragraph (d), omit “and”; and

(d) for paragraph (e), substitute—

“(e) the FCA is satisfied that, once registered under the 1965 Act, the society will satisfy, and continue to satisfy, the threshold conditions (within the meaning of section 55B(1) of the 2000 Act) for which the FCA is responsible in relation to the regulated activity of accepting deposits; and

(f) the PRA is satisfied that, once registered under the 1965 Act, the society will satisfy, and continue to satisfy, the threshold conditions (within the meaning of section 55B(1) of the 2000 Act) for which the PRA is responsible in relation to the regulated activity of accepting deposits.”.

(3) For subsections (1A) and (1B), substitute—

“(1A) The PRA must notify the FCA if it is satisfied as mentioned in paragraph (f) of subsection (1).

(1B) The FCA must not issue an acknowledgement of registration under section 2(3) of the 1965 Act to a credit union unless—

(a) if the FCA is the appropriate regulator (within the meaning of section 55A of the 2000 Act), it proposes to give that society permission under Part 4A of the 2000 Act to accept deposits;

(b) if the PRA is the appropriate regulator (within the meaning of section 55A of the 2000 Act), the PRA proposes to give that society permission under Part 4A of the 2000 Act to accept deposits.

(1C) The PRA must notify the FCA if it proposes to give that society permission under Part 4A of the 2000 Act to accept deposits.

(1D) If the FCA issues an acknowledgement of registration to a credit union under that section, the appropriate regulator (within the meaning of section 55A of the 2000 Act) must determine any outstanding application of that credit union for permission under Part 4A of the 2000 Act to accept deposits as soon as reasonably possible thereafter.”.

(1)

Section 41 was amended by S.I. 2001/2617, S.I. 2002/1501, S.I. 2003/256 and S.I. 2011/2687.