The Financial Services Act 2012 (Mutual Societies) Order 2013 No. 496

SCHEDULE 8 Amendments of the Building Societies Act 1986

10.—(1) Section 36(1) (power to direct restructuring of business etc.) is amended as follows.

(2) For “Authority”, in each place, substitute “appropriate authority”.

(3) In subsection (5)(b), before “of the result” insert “and, if the appropriate authority is the PRA, the FCA”.

(4) In subsection (6), before “of the option” insert “and, if the appropriate authority is the PRA, the FCA”.

(5) After subsection (16), insert—

“(17) The PRA must consult the FCA before issuing a direction under this section.”.

(1)

Section 36 was substituted by the Building Societies Act 1997, section 13 and amended by S.I. 2001/2617.