SCHEDULE 5Amendments of the Friendly Societies Act 1974
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1
Section 87105 (power to apply for winding up of registered friendly societies) is amended as follows.
2
In subsection (1), for “Authority”—
a
in the first place, substitute “FCA or the PRA”; and
b
in the second place, substitute “FCA, after consulting the PRA, or the PRA, after consulting the FCA,”.
3
After subsection (2), insert—
3
Subsection (1) does not require the FCA to consult the PRA if the society in question is not a PRA-authorised person.
4
The PRA may only present a petition under subsection (1) in respect of a society which is a PRA-authorised person.
4
In the heading, for “Authority” substitute “FCA and of PRA”.