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

SCHEDULE 2 Amendments 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).”.