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

Transfer of functions to the Financial Conduct Authority and the Prudential Regulation Authority U.K.

2.  The following Schedules to this Order have effect—

(a) Schedule 1 (which provides for the application of FSMA 2000(1) to the functions made exercisable by the FCA and the functions transferred to the PRA by Schedules 2 to 10);

(b) Schedules 2 to 10 (which amend certain enactments relating to mutual societies so as to make functions of the Financial Services Authority exercisable by that body corporate as the FCA(2) and to transfer functions of the Financial Services Authority to the PRA);

(c) Schedule 11 (which makes amendments consequential on Schedules 2 to 10);

(d) Schedule 12 (which makes transitional provision).

Commencement Information

I1 Art. 2 in force at 1.4.2013, see art. 1(1)

(1)

Section 117(1) of the Financial Services Act 2012 defines “FSMA 2000” as meaning the Financial Services and Markets Act 2000, “FCA” as meaning the Financial Conduct Authority and “PRA” as meaning the Prudential Regulation Authority.

(2)

Section 1A(1) of FSMA 2000, as amended by section 6 of the 2012 Act, renames the Financial Services Authority as the Financial Conduct Authority.