The Financial Services Act 2012 (Mutual Societies) Order 2013

Article 2(b)

SCHEDULE 4 Amendments of the Friendly and Industrial and Provident Societies Act 1968

1.  The Friendly and Industrial and Provident Societies Act 1968(1) is amended as follows.

2.—(1) In the provisions listed in paragraph (2), for “Authority” substitute “FCA”.

(2) The provisions are—

(a) section 3A(11)(2) (publication of accounts and balance sheets of societies);

(b) section 4(3) (obligation to appoint auditors);

(c) section 4A(4) (power of societies to disapply section 4);

(d) section 9C(5) (power to require accounts for past years to be audited);

(e) section 11(3)(6) (amendments relating to annual returns of societies);

(f) section 12(3)(7) (consequential amendment of rules by societies);

(g) section 13(4), (6) and (7)(8) (group accounts of industrial and provident societies); and

(h) section 14(9) (exemption from requirements in respect of group accounts).

3.  In the heading of section 9C, for “Registrar’s power” substitute “Power”.

4.  In section 11(1), omit “to the Authority”.

5.  After section 14(4), insert—

“(5) If the society is a PRA-authorised person (within the meaning of section 2B of the Financial Services and Markets Act 2000), the FCA must not give an approval under this section unless it has consulted the Prudential Regulation Authority.”.

6.  In the heading of section 14A(10) (form etc.of electronic documents), omit “sent to the Authority”.

7.  In section 18(11) (offences), for “Authority” substitute “FCA”.

8.  In section 21(1)(12) (interpretation)—

(a) in the definition of “annual return”, omit “to the Authority”; and

(b) at the appropriate place, insert—

““the FCA” means the Financial Conduct Authority;”.

(1)

1968 c.55. Section 2 of the Co-operative and Community Benefit Societies and Credit Unions Act 2010 renames the Friendly and Industrial and Provident Societies Act 1968 as the Co-operative and Community Benefit Societies and Credit Unions Act 1968, but this section has not yet been brought into force.

(2)

Section 3A was inserted by S.I. 1999/1738; subsection (11) was amended by S.I. 2001/2617.

(3)

Section 4 was amended by Schedule 11 to the Friendly Societies Act 1974 (c.46), and S.I. 2001/2617. There are other amending instruments, but none is relevant.

(4)

Section 4A was inserted by S.I. 1996/1738 and amended by S.I. 2001/2617. There are other amending instruments, but none is relevant.

(5)

Section 9C was inserted by S.I. 1996/1738 and amended S.I. 2001/2617.

(6)

Section 11 was amended by Schedule 11 to the Friendly Societies Act 1974, S.I. 1996/1738 and S.I. 2001/2617.

(7)

Section 12 was amended by Schedule 11 to the Friendly Societies Act 1974 and by S.I. 2001/2617.

(8)

Section 13 was amended by S.I. 2001/2617 and S.I. 2011/593.

(9)

Section 14 was amended by S.I. 1996/1738 and S.I. 2001/2617.

(10)

Section 14A was inserted by S.I. 2011/593.

(11)

Section 18 was amended by S.I. 1996/1738 and S.I. 2001/2617.

(12)

The definition of “annual return” in section 21(1) was amended by Schedule 11 to the Friendly Societies Act 1974 and by S.I. 2001/3649. There are other amending instruments, but none is relevant.