SCHEDULE 2Amendments of the Industrial and Provident Societies Act 1965
5
1
Section 43 (duties of receiver or manager of society’s property) is further amended as follows.
2
Number the existing provision as subsection (1).
3
After that subsection, insert—
2
If the society is a PRA-authorised person—
a
the receiver or manager must send to the PRA a copy of any notification or return sent under subsection (1) to the FCA; and
b
the FCA must consult the PRA before allowing a period of greater than one month under paragraph (b) of subsection (1).