Schedule 1 to these Regulations makes provision for the modification of the Friendly and Industrial and Provident Societies Act 1968 M1 in its application to industrial and provident societies that are insurance undertakings for the purposes of these Regulations.

Schedule 2 makes provision for the modification of the Industrial and Provident Societies (Northern Ireland) Act 1969 in its application to industrial and provident societies that are insurance undertakings for the purposes of these Regulations.

The Industrial and Provident Societies (Group Accounts) Regulations 1969 M2 and the Industrial and Provident Societies Act (Group Accounts) Regulations (Northern Ireland) 1969 M3 do not apply to industrial and provident societies that are insurance undertakings for the purposes of these Regulations.

Notwithstanding anything in the rules of the society, the committee of an industrial and provident society that is an insurance undertaking for the purposes of these Regulations may by resolution passed before 1st April 2009 make such amendments of the rules of the society as may be consequential on the provisions of these Regulations.

F1The Financial Conduct Authority is not required to register any amendment of the rules of such a society unless such consequential amendments of the rules of the society as are mentioned in paragraph (4) either have been made before the application for registration of that amendment or are to be effected by that amendment.