14. In Article 60(1) (Cancellation of registration)—
(a)in paragraph (1)—
(i)for the words from “registrar” to “person,” substitute “FCA may, in writing and, if the society is a PRA-authorised person, after consulting”;
(ii)in sub-paragraph (a) for “his” substitute “the FCA’s”;
(iii)in sub-paragraph (c)—
(aa)for “with the consent of the Department” substitute “if at any time”;
(bb)in paragraphs (i) and (ii) for “him” substitute “the FCA”;
(cc)in paragraph (i) for “on proof to his” substitute “it is proved to the FCA’s”;
(dd)in paragraph (ii) omit “if at any time”; and
(iv)after sub-paragraph (c) insert—
“(d)if the credit union’s permission under Part 4A of the 2000 Act has been cancelled or the credit union has received a warning notice under section 55Z of that Act(2).”; and
(b)after paragraph (1) insert—
“(1A) The FCA must not cancel the registration of a credit union by virtue of paragraph (1)(d) unless the appropriate regulator (within the meaning given in section 55A of the 2000 Act) has cancelled the credit union’s permission under Part 4A of the 2000 Act and there is no possibility (or no further possibility) of that determination of the appropriate regulator being reversed or varied.”.
Article 60 was amended by S.I 2011/2832 and S.I 2013/496.
Section 55Z was substituted (together with the rest of Part 4A of the Financial Services and Markets Act 2000) by the Financial Services Act 2012, section 11(2).