The Financial Services Act 2012 (Mutual Societies) Order 2018 No. 323

SCHEDULE 3 Amendments of the Credit Unions (Northern Ireland) Order 1985

21.  In Article 72 (Decision of disputes)(1)—

(a) in paragraph (1) for “(2)” substitute “(3A)”;

(b) omit paragraph (2);

(c) in paragraph (3) omit “or (2)”;

(d) after paragraph (3) insert—

“(3A) Any dispute which would, under the rules of a registered society, fall to be determined by the FCA is to be referred to the county court for determination.”;

(e) in paragraph (7)—

(i) for sub-paragraph (a) substitute—

“(a) the county court may order the expenses of the hearing or determination to be paid out of the funds of the credit union or by such parties to the dispute as the court considers appropriate;”;

(ii) in sub-paragraph (b) for “as might be granted by the registrar(2)” substitute “as it considers necessary for the just and expeditious disposal of the dispute”;

(f) in paragraph (8)—

(i) for “or registrar to whom” substitute “to which”;

(ii) for “(2)” substitute “(3A)”; and

(g) omit paragraph (9).

(1)

Article 72 was amended by S.I 2011/2832.

(2)

These words were substituted by the Arbitration Act 1996 (c. 23), Schedule 3, paragraph 44(1) and (2)(c).