The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014

PART 1 Interpretation

1.  In this Schedule—

“applied provisions”—

(a)

in Part 2, means the Parts of the Insolvency Rules 1986 which are applied by article 11(1) and (3);

(b)

in Part 3, means the Parts of the Insolvency (Scotland) Rules 1986 which are applied by article 11(2) and (4);

“member-depositor”, in relation to a relevant society, means any member of the society to whom an amount is owed in respect of the member’s shares where—

(a)

the society is an authorised deposit taker; and

(b)

the amount concerned is owed in respect of a deposit;

“Schedule A1” means Schedule A1 to the 1986 Act as applied in relation to a relevant society;

“Schedule B1” means Schedule B1 to the 1986 Act as applied in relation to a relevant society; and

“the scheme manager” means the body corporate established by the Financial Services Authority under section 212 of FSMA (the manager of the Financial Services Compensation Scheme) as originally enacted(1).

2.  In this Schedule—

(a) a reference to the FCA is a reference to the FCA in its capacity as the authority responsible for the registration of a relevant society under the 1965 Act; and

(b) a reference to the society’s regulator—

(i) in relation to a relevant society which is or has been a PRA-authorised person (within the meaning given in section 2B(5) of FSMA), is a reference to—

(aa) the FCA in its capacity as regulator (within the meaning given in section 3A of FSMA(2)) of the society; and

(bb) the Prudential Regulation Authority;

(ii) in relation to any other relevant society which is or has been an authorised person, to the FCA in its capacity as regulator of the society.

(1)

Section 212 was amended by the Financial Services Act 2012, Schedule 10, paragraphs 1 and 2.

(2)

Sections 2B and 3A were substituted by the Finance Act 2012, section 6(1), which substituted new Part 1A of FSMA.