3.—(1) Section 1(1) (functions in relation to building societies) is amended as follows.U.K.
(2) In subsection (1)—
(a)for “The Financial Services Authority (“the Authority”)” substitute “The FCA”; and
(b)omit paragraph (a).
(3) After subsection (1), insert—
“(1A) The PRA has the following functions under this Act in relation to building societies—
(a)to secure that the principal purpose of building societies remains that of making loans which are secured on residential property and are funded substantially by their members;
(b)to administer the system of regulation of building societies provided by or under this Act, but only in so far as sections 5, 6, 7, 9A and 9B confer functions on the PRA; and
(c)to advise and make recommendations to the Treasury and other government departments on any matter relating to building societies.”.
(4) In subsection (2)—
(a)for “Authority also has” substitute “FCA and the PRA also have”; and
(b)for “it” substitute “them respectively”.
(5) In the heading, for “Financial Services Authority” substitute “Financial Conduct Authority and the Prudential Regulation Authority”.
Commencement Information
I1Sch. 8 para. 3 in force at 1.4.2013, see art. 1(1)
Section 1 was amended by S.I. 2001/2617.