SCHEDULE 3ENACTMENTS AMENDED

Article 13(1)

PART IFRIENDLY SOCIETIES

Amendments to the Friendly Societies Act 1974

1

The Friendly Societies Act 197430 is amended as follows.

2

Sections 1, 2, 3, 5 and 631 (which make provision for the Chief Registrar, the assistant registrar for Scotland, the assistant registrars and the central office) cease to have effect.

3

In section 12—

a

in subsection (1) for the word “registrar” there is substituted “Authority”, and

b

in subsection (2) the words from “in the” to the end are omitted.

4

In section 15A(1)32 for the word “registrar” there is substituted “Authority”.

5

In section 1633

a

for subsection (1) there is substituted—

1

If the Authority refuses to register a branch, the branch may appeal to the High Court or, in the case of a branch whose registered office is to be situated in Scotland, the Court of Session.

b

in subsection (2)—

i

for the word “registrar” there is substituted “Authority”, and

ii

for the words “section 15” there is substituted “section 15A”.

6

In section 18—

a

for the word “registrar”, wherever it appears, there is substituted “Authority”, and

b

in subsection (2)(b) for the word “he” there is substituted “the Authority”.

7

In section 19 for the word “registrar” there is substituted “Authority”.

8

In section 20—

a

for subsection (1) there is substituted—

1

If the Authority refuses to register an amendment of a rule of a registered society or branch, the society or branch may appeal to the High Court or, in the case of a society or branch whose registered office is situated in Scotland, the Court of Session.

b

in subsection (2) for the word “registrar” there is substituted “Authority”.

9

In section 2434, for the word “registrar”, wherever it appears, there is substituted “Authority”.

10

In section 30A(11)35 for the word “registrar” there is substituted “Authority”.

11

In section 31—

a

in subsection (2) the words “(not being a collecting society or branch thereof)” are omitted, and

b

in subsection (5) for the words “Chief Registrar, with the consent of the Treasury,” there is substituted “Treasury”.

12

In section 32—

a

for the word “registrar”, wherever it appears, there is substituted “Authority”, and

b

in subsection (3)(b) for the word “him”, both times it appears, there is substituted “the Authority”.

13

In section 32A(4) and (5)(b) for the word “registrar” there is substituted “Authority”.

14

In section 35(5) for the words “registered in” there is substituted “whose registered office is situated in”.

15

In section 36, subsections (2) and (3) are omitted.

16

In section 39C—

a

in the side-note for the word “Registrar's” there is substituted “Authority's”,

b

in subsections (1) and (2) for the word “registrar” there is substituted “Authority”, and

c

in subsection (1)(b) for the word “him”, both times it appears, there is substituted “the Authority”.

17

In section 40(1) the words “Chief Registrar with the consent of the” are omitted.

18

In section 41—

a

in subsection (1)—

i

for the word “registrar” in paragraph (b) there is substituted “Authority”, and

ii

for the words “Chief Registrar may prescribe”, there is substituted “Authority may direct”,

b

in subsection (3) for the word “registrar”, both times it appears, there is substituted “Authority”,

c

in subsection (5)—

i

for the words “Chief Registrar” there is substituted “Authority”, and

ii

for the word “he” there is substituted “it”, and

d

in subsection (6)—

i

for the words “Chief Registrar” there is substituted “Authority”,

ii

for the word “his” there is substituted “the Authority's”, and

iii

in paragraph (b) for the word “registrar” there is substituted “Authority”.

19

In section 42—

a

in the side-note the words “of Chief Registrar” are omitted,

b

in subsections (1) and (2) for the words “Chief Registrar” there is substituted “Treasury”,

c

in subsection (2)(a) and (b) for the word “registrar” there is substituted “Authority”,

d

subsection (3) is omitted,

e

in subsection (4)—

i

for the words “Chief Registrar” there is substituted “Authority”,

ii

for the word “he” there is substituted “the Authority”, and

iii

in paragraphs (b)(i) and (b)(ii) for the word “registrar” there is substituted “Authority”, and

f

in subsection (5)—

i

for the words “Chief Registrar” there is substituted “Authority”, and

ii

for the word “him” there is substituted “it”.

20

In section 4336

a

in subsections (1), (2) and (5) for the word “registrar” there is substituted “Authority”, and

b

in subsection (6) for the words “Chief Registrar may prescribe”, there is substituted “Authority may direct”.

21

In section 4737

a

in subsection (1) for the words “Chief Registrar” there is substituted “Treasury”, and

b

subsections (3) and (4) are omitted.

22

In section 55(1) for the words “registered at the central office” there is substituted “which is registered by the Authority and the registered office of which is situated in England and Wales,”.

23

Section 6538 ceases to have effect.

24

In section 65A39

a

in subsection (7) for the words “registrar or the Commission” there is substituted “Authority”, and

b

in subsection (8) for the word “Commission” there is substituted “Treasury”.

25

In section 7640

a

in subsection (1) for the words “subsection (3A)” there is substituted “subsections (3A) to (3C)”, and

b

after subsection (3B) there is inserted—

3C

If the rules contain directions by virtue of which a dispute would fall to be determined by the Authority, the dispute shall instead be referred to the county court or, in Scotland, to the sheriff for determination.

26

In section 81(1) for the words from “Chief Registrar” to the end there is substituted “Authority”.

27

In section 82(5)41 for the words from “Chief Registrar” to the end there is substituted “Authority”.

28

Section 8342 ceases to have effect.

29

In section 8443

a

in subsection (2)—

i

for the words “at the central office” there is substituted “by the Authority”,

ii

for the words “central office”, the second time they appear, there is substituted “Authority”, and

b

in subsection (3) for the words from “Chief Registrar” to the end there is substituted “Authority”.

30

In section 84A(6)44 for the words from “Chief Registrar” to the end there is substituted “Authority”.

31

In section 85—

a

in subsections (3) and (4) for the word “registrar” there is substituted “Authority”, and

b

in subsection (4) for the word “he” there is substituted “it”.

32

In section 8645

a

in subsection (2) for the words “Chief Registrar” there is substituted “Treasury”,

b

in subsection (3)—

i

for the words “central office” there is substituted “Authority”, and

ii

for the words “registered there” there is substituted “registered by it”, and

c

in subsection (4)—

i

for the words “central office” the first time they appear, there is substituted “Authority”, and

ii

for the words “at the central office” there is substituted “by the Authority”.

33

In section 8746 for the word “Commission”, where it appears in the side-note and both times it appears in subsection (1), there is substituted “Authority”.

34

In section 9047

a

for the words—

i

from “Chief Registrar” to “for Scotland,” in subsection (1),

ii

Chief Registrar” in subsection (3), and

iii

“Chief or assistant registrar” in subsections (4), (5) and (7),

there is substituted “Authority”, and

b

in subsection (4) for the word “he” there is substituted “it”.

35

In section 9148

a

for subsection (1) there is substituted—

1

Subject to the following provisions of this section, the Authority may by notice in writing cancel the registration of a society—

a

at the request of the society, if the Authority thinks fit; or

b

if the Authority is satisfied that—

i

an acknowledgement of registration has been obtained by fraud or mistake;

ii

the society exists for an unlawful purpose;

iii

the society has wilfully and after notice from the Authority violated any provision of this Act;

iv

the society has ceased to exist; or

v

in the case of a society to which section 37(2) or (3) of the 1992 Act applies, the principal place of business of the society is outside the British Islands.

1A

The request mentioned in subsection (1)(a) must be evidenced in such way as the Authority may direct.

b

in subsection (2), for the words from “paragraph (b)” to “hand,” there is substituted “any of sub-paragraphs (i) to (iv) of subsection (1)(b) above in which the Authority might cancel the registration of a society, it may by notice in writing”,

c

in subsection (3), for the words “Chief or assistant registrar before its” there is substituted “Authority before the society's”, and

d

in subsection (5), for the words from “Chief” to “hand” there is substituted “Authority may by notice in writing”.

36

In section 92(2), for paragraphs (a) and (b) there is substituted “to the High Court or, in the case of a society whose registered office is situated in Scotland, to the Court of Session.”.

37

In section 93(1)(c)49

a

for the words “Chief Registrar” there is substituted “Authority”, and

b

the words “of the Commission under” are omitted.

38

In section 94—

a

in subsection (2)(d) for the words “Chief Registrar”, and

b

in subsections (4) and (7) for the word “registrar”,

there is substituted “Authority”.

39

In section 9550

a

in subsection (1) for the words from “Chief Registrar”, the first time they appear, to “investigate”, there is substituted “Authority may appoint one or more competent persons to conduct an investigation on its behalf into”,

b

for the words—

i

Chief Registrar”, wherever they appear in subsections (3) and (4), and

ii

“central office” in subsection (6),

there is substituted “Authority”,

c

for the word “he”, wherever it appears in subsections (3) and (4), there is substituted “it”,

d

in subsection (4) for the word “his” there is substituted “its”, and

e

subsection (5) is omitted.

40

In section 95A51

a

for the word “Commission”, wherever it appears in subsections (1) and (2), there is substituted “Authority”,

b

subsection (3) is omitted, and

c

in subsection (4) for the words from “Commission” to “office”, the second time it appears, there is substituted “Authority”.

41

In section 97(1) and (2)52, for the word “registrar” there is substituted “Authority”.

42

In section 9853

a

in subsection (1)(b), for the words “Chief or an assistant registrar” there is substituted “Authority”,

b

in subsection (2) the words from “or to any” to the end are omitted,

c

in subsection (7)—

i

for the words from “Chief Registrar” to “procurator fiscal” there is substituted “Authority or by the Lord Advocate”, and

ii

for the word “registrar”, the last time it last appears, there is substituted “Authority (or the Lord Advocate, as the case may be)”, and

d

subsection (8) is omitted.

43

In section 9954

a

after subsection (4) there is inserted—

4A

In the application of subsection (4) above to Scotland, the word “summarily” is to be omitted.

b

in subsection (6)—

i

the words “, and in the central registration area only by,” are omitted, and

ii

for paragraph (c) there is substituted—

c

in any case, by any member of the society or branch authorised by the Authority; or

d

except in Scotland, by the Authority;

and (except in Scotland) no other person may institute such proceedings.

44

In section 101—

a

in subsection (1) for the words “Chief Registrar or any assistant registrar” there is substituted “Authority”,

b

at the end of subsection (1) there is inserted—

1A

In the application of subsection (1) to Scotland, the reference to the Authority is to be read as a reference to the Lord Advocate.

c

in subsection (2) for the words “Chief or any assistant registrar” there is substituted “Authority”.

45

For section 104 there is substituted—

104AFees for inspection or copying of documents.

Before the Authority allows any person to inspect any document held by it in connection with this Act, or provides any person with a copy of any such document (or part of such document), it may charge that person a reasonable fee.

46

In section 109—

a

in subsection (1)—

i

in paragraph (b) for the words “for registration” there is substituted “by the Authority for the registration of any society or document (including any amendment to any document) under this Act, the Industrial and Provident Societies Act 1965, the Building Societies Act 1986, or the Friendly Societies Act 1992, or otherwise for sealing any document for the purposes of this Act or any of those Acts”,

ii

in paragraph (c) for the word “registrar” there is substituted “Authority under this Act”, and

iii

in paragraph (d) for the word “registrar” there is substituted “Authority”,

b

in subsection (2)—

i

for the words “, the Secretary of State or the Chief Registrar” there is substituted “or the Secretary of State”, and

ii

the words “9 or” are omitted, and

c

subsection (3) is omitted.

47

In section 11055

a

for subsections (1) and (2) there is substituted—

1

Any document bearing the seal or stamp of the Authority shall be received in evidence without further proof.

2

Any document purporting to have been signed by a person authorised to do so on behalf of the Authority, and every document purporting to be signed by any inspector or public valuer under this Act, shall, in the absence of any evidence to the contrary, be received in evidence without proof of the signature.

2A

In subsections (1) and (2), “document” means any document issued, received or created by the Authority (or, as the case may be, by any inspector or public valuer under this Act) for the purposes of or in connection with this Act.

b

in subsection (3)—

i

for the word “registrar”, both times it appears, there is substituted “Authority”, and

ii

for the words “the Chief Registrar may direct” there is substituted “it considers appropriate”.

48

In section 11156

a

in subsection (1)—

i

after the definition of “annual return”, there is inserted—

  • “the Authority” means the Financial Services Authority;

ii

the definitions of “the central registration area”, “collecting society” and “Commission” are omitted,

iii

in the definition of “Gazette” in paragraph (a) for the words “the central registration area” there is substituted “England and Wales, the Channel Islands or the Isle of Man”, and

iv

in the definition of “Treasury regulations” the words “and approved” are omitted, and

b

for subsection (3) there is substituted—

3

Any reference in this Act to the seal of the Authority is a reference to the seal provided for in regulations made under section 109(1)(b) (and not to the Authority’s common seal).

49

In Schedule 257

a

in paragraph 3(2) for the words “approved group insurance business, as defined in section 65 of this Act”, there is substituted “group insurance business”,

b

in paragraph 7 for the word “registrar”, there is substituted “Authority”, and

c

in paragraph 15 for the words from “Chief Registrar” to “registrar for Scotland,” there is substituted “Authority”.

50

In Schedule 958, paragraph 22 is omitted.

Amendments to the Friendly Societies Act 1981

51

The Friendly Societies Act 198159 (which repealed section 2(1) of the Friendly Societies Act 1974) ceases to have effect.

Amendments to the Friendly Societies Act 1984

52

In section 2 of the Friendly Societies Act 198460, subsection (5) is omitted.

Amendments to the Friendly Societies Act 1992

53

The Friendly Societies Act 199261 is amended as follows.

54

For Part I 62, there is substituted—

PART IFUNCTIONS OF THE AUTHORITY

Functions of the Financial Services Authority in relation to friendly societies.1

1

The Financial Services Authority (“the Authority”) has the following functions under this Act and the 1974 Act in relation to friendly societies—

a

to secure that the purposes of each friendly society are inconformity with this Act and any other enactment regulating the purposes of friendly societies;

b

to administer the system of regulation of the activities of friendly societies provided for by or under this Act and the 1974 Act; and

c

to advise and make recommendations to the Treasury and other government departments on any matter relating to friendly societies.

2

The Authority also has, in relation to such societies, the other functions conferred on it by or under this Act or any other enactment.

55

In section 5—

a

in subsection (3) for the words “central office” there is substituted “Authority”, and

b

in subsection (4) for the words “Commission may by order made with the consent of the Treasury” there is substituted “Treasury may by order”.

56

In section 6, for the words “central office”, both times they appear, there is substituted “Authority”.

57

In section 11—

a

in subsection (5) for the word “Commission” there is substituted “Authority”, and

b

in subsection (7) for the word “Commission” there is substituted “Treasury”.

58

In section 14—

a

the words “or (4)”, wherever they appear, are omitted,

b

in subsection (3)(a) for the words “section 48 below applies” there is substituted “rules in respect of margins of solvency, made by the Authority under section 138 of the Financial Services and Markets Act 2000, apply”,

c

in subsection (3)(b) for the words “that section” there is substituted “such rules”,

d

subsection (4) is omitted,

e

for the word “Commission” in subsections (5), (6) and (10) there is substituted “Authority”,

f

subsection (11) is omitted, and

g

in subsection (12)—

i

for the words “central office” there is substituted “Authority”, and

ii

for the words “such a notice” there is substituted “any notice served on a society under subsection (6) or (10) above”.

59

In section 20 for the words—

a

“central office”, wherever they appear, and

b

“Commission” in subsection (10),

there is substituted “Authority”.

60

In section 21(2), for the words “central office”, both times they appear, there is substituted “Authority”.

61

In section 22(2)63 for the word “Commission” there is substituted “Authority”.

62

In section 24(6), for the word “Commission”, both times it appears, there is substituted “Authority”.

63

In section 25(4), for the words “central office”, both times they appear, there is substituted “Authority”.

64

In section 2664

a

in subsection (1)—

i

for the words “central office”, the first time they appear, there is substituted “Authority”, and

ii

for the words “the central office”, the second time they appear, there is substituted “it”,

b

in subsection (2)—

i

for the words “central office”, the first time they appear, there is substituted “Authority”, and

ii

for the words “the central office”, the second time they appear, there is substituted “it”,

c

in subsections (3) and (4), for the words “central office”, wherever they appear, there is substituted “Authority”,

d

in subsection (8) for the words “in writing signed by the central office” there is substituted “by written notice given by the Authority to the society”, and

e

in subsection (9) for the words “central office” there is substituted “Authority”.

65

In section 29 for the words “central office”, wherever they appear, there is substituted “Authority”.

66

In section 37(5) to (7), for the word “Commission”, wherever it appears, there is substituted “Authority”.

67

In the cross-heading before section 51, for the word “Commission” there is substituted “Authority”.

68

Section 51 ceases to have effect.

69

In section 5265

a

in subsections (1), (3) and (7) for the word “Commission” there is substituted “Authority”, and

b

in subsection (6) for the words from “Commission” to the end there is substituted “Authority shall keep a copy of the order in the public file of the society.”.

70

Sections 52A66 and 53 cease to have effect.

71

In section 54—

a

in subsections (2), (3) and (7) for the word “Commission”, wherever it appears, there is substituted “Authority”,

b

in subsection (4) for the words from “when” to the end there is substituted—

that the society is to comply with it—

a

immediately on receipt of a final notice in relation to the direction;

b

before the end of such period as may be specified in the direction, beginning with the giving of a final notice in relation to the direction; or

c

on the happening of an event subsequent to the giving of such a notice.

c

for subsection (6) there is substituted—

6

The Authority may by written notice to the society—

a

vary a direction under this section at the request of the society; or

b

revoke a direction under this section.

d

subsection (8) is omitted,

e

in subsection (9)—

i

for the words “Commission shall send to the central office” there is substituted “Authority shall keep”,

ii

at the end of paragraph (b) there is inserted—

ba

of a final notice varying a direction under this section;

iii

the words “and the central office shall keep a copy” are omitted, and

f

at the end of subsection (9) there is inserted—

10

“Final notice” means a final notice given under section 390 of the Financial Services and Markets Act 2000, as applied by section 58A(6) below.

72

In section 55(2) for the word “Commission” there is substituted “Authority”.

73

In section 55A67 the following are omitted—

a

subsection (1),

b

in subsection (2), the definition of “notifiable voting rights”, and

c

subsection (3).

74

Sections 56, 57 and 57A68 cease to have effect.

75

For sections 58 to 6169 and the cross-heading before section 58 there is substituted—

Notices, hearings and appeals

58ANotices, hearings and appeals.

1

If the Authority proposes—

a

to give a direction to a society under section 54 or section 55, or to vary such a direction other than at the request of the society, or

b

to give a direction in relation to a society under section 90,

it must give the society a warning notice.

2

The warning notice must set out the terms of the direction which the Authority proposes to give and, in the case of a proposal to give a direction under section 54 or 55, any provisions which the Authority proposes to include in the direction by virtue of section 54(4) (including that provision as applied by section 55(3)).

3

If the Authority decides—

a

to give a direction to a society under section 54 or section 55, or to vary such a direction other than at the request of the society, or

b

to give a direction in relation to a society under section 90,

it must give the society a decision notice.

4

The decision notice must set out the terms of the direction which the Authority has decided to give and, in the case of a decision to give a direction under section 54 or 55, any provisions to be included in the direction by virtue of section 54(4) (including that provision as applied by section 55(3)).

5

A society to whom a decision notice is given under this section may refer the matter to the Financial Services and Markets Tribunal.

6

Part XXVI of the Financial Services and Markets Act 2000 (notices) is to be treated as applying in respect of warning notices and decision notices given under this section as it applies in respect of warning notices and decision notices given under that Act, subject to subsection (8) below.

7

The provisions of Part IX of the Financial Services and Markets Act 2000 (hearings and appeals) are to be treated as applying in respect of references to the Financial Services and Markets Tribunal made under this section as they apply in respect of references made to that Tribunal under that Act.

8

In the application of Part XXVI of that Act in respect of warning notices and decision notices given under this section—

a

section 388(1)(e)(i) (which requires a decision notice to indicate any right given under that Act to refer a decision to the Tribunal) is to be read as if, for the words “this Act”, there were substituted “the Friendly Societies Act 1992”;

b

section 388(2) (which makes provision for the type of action to which a decision notice may relate if it was preceded by a warning notice) is to be read as if, for the word “Part”, there were substituted “section”;

c

section 390(4) (which provides for the content of a final notice about an order) is to be read as if—

i

for the words “an order” there were substituted “a direction”, and

ii

for the words “the order”, in both places where they appear, there were substituted “the direction”; and

d

section 392 (application of sections 393 (third party rights) and 394 (access to Authority material)) is to be read as if—

i

paragraph (a) of that section contained a reference to a warning notice given under subsection (1) above, and

ii

paragraph (b) of that section contained a reference to a decision notice given under subsection (3) above.

76

In section 6270

a

in subsection (1), for the word “Commission”, there is substituted “Authority”,

b

in subsection (3), for the word “Commission”, wherever it appears, there is substituted “Authority”,

c

after subsection (3) there is inserted—

3A

Subject to subsection (2) above, any person authorised for the purpose by the Authority (“an authorised officer”) may, on producing evidence of his authority, require a friendly society or a subsidiary of, or body jointly controlled by, an incorporated friendly society—

a

to furnish to him forthwith such specified information as the Authority considers it needs for the purposes of its supervisory functions;

b

to produce to him forthwith such documents or other material as the Authority considers it needs for those purposes;

c

to provide to him forthwith such explanations of specified matters as the Authority considers it needs for those purposes.

d

in subsection (4)—

i

for the words “Commission has power” there is substituted “Authority has power, or by virtue of subsection (3A) above an authorised officer has power,”, and

ii

for the word “Commission”, the second and third time it appears, there is substituted “Authority or authorised officer”,

e

in subsection (5)—

i

for the words “Commission has power” there is substituted “Authority has power, or by virtue of subsection (3A) above an authorised officer has power,” and

ii

for the word “Commission”, the second and third time it appears, there is substituted “Authority or authorised officer”,

f

subsection (5A) is omitted, and

g

in subsection (8)—

i

after the words “subsection (3),” there is inserted “(3A),”,

ii

for the word “Commission”, the first time it appears, there is substituted “Authority or an authorised officer”, and

iii

for the word “Commission”, the second time it appears, there is substituted “Authority or authorised officer”.

77

After section 62 there is inserted—

Entry of premises under warrant under section 176 of the Financial Services and Markets Act 2000.62A

1

A justice of the peace may issue a warrant under section 176 of the Financial Services and Markets Act 2000 if satisfied on information on oath given by or on behalf of the Authority, an authorised officer within the meaning of section 62(3A) above, or a person appointed as an investigator under section 65(1) below or as an inspector under section 66(1) below, that there are reasonable grounds for believing that the first or second set of conditions below is satisfied.

2

The first set of conditions is that—

a

there are on the premises specified in the warrant information, documents or other material in relation to which a requirement has been imposed on any person under section 62(3), (3A), (4) or (5) above or section 67(3) below, or which it is the duty of any person to produce under section 65(3) or 67(2) below, and

b

that person has failed (wholly or in part) to comply with that requirement or, having been requested to do so, has failed (wholly or in part) to comply with that duty.

3

The second set of conditions is that—

a

there are on the premises specified in the warrant information, documents or other material in relation to which a requirement could be imposed on any person under section 62(3), (3A), (4) or (5) above or section 67(3) below, or which any person could be requested to produce in compliance with the duty imposed on them by section 65(3) or 67(2) below, and

b

if such a requirement were imposed, or such a request made,—

i

it would not be complied with, or

ii

any information, documents or other material to which it related would be removed, tampered with or destroyed.

78

For sections 63 and 6471 there is substituted—

63ADisclosure of information.

1

For the purposes of sections 348 to 353 of the Financial Services and Markets Act 2000 (restrictions on disclosure of confidential information)—

a

information to which this section applies is to be treated as confidential information; and

b

in relation to such information, each of the following is a primary recipient—

i

the Authority;

ii

any person who is or has been employed by the Authority; and

iii

any person appointed by the Authority to carry out functions under this Act or the 1974 Act.

2

This section applies to information which—

a

relates to the business or other affairs of a friendly society, a registered branch of a friendly society or any other person;

b

was received by a primary recipient (within the meaning of subsection (1)(b)) for the purposes of, or in the discharge of, any functions of the Authority under any provision made by or under this Act or the 1974 Act; and

c

is not excluded information by virtue of subsection (4).

3

It is immaterial for the purposes of subsection (2) whether or not the information was received—

a

by virtue of a requirement to provide it imposed by or under this Act;

b

for other purposes as well as purposes mentioned in that subsection.

4

Information is excluded information if—

a

it has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purposes for which, disclosure is not precluded by section 348 of the Financial Services and Markets Act 2000 (restrictions on disclosure of confidential information); or

b

it is in the form of a summary or collection of information so framed that it is not possible to ascertain from it information relating to any particular person.

79

In section 6572

a

for the word “Commission”, where it appears in the side-note, both times it appears in subsection (1) and where it appears in subsection (6), there is substituted “Authority”, and

b

the following are omitted—

i

subsections (1A) and (3A), and

ii

in subsections (2), (3) and (5) the words “or (1A)”.

80

In section 6673 for the word “Commission”, wherever it appears, there is substituted “Authority”.

81

In section 6774

a

for the word “Commission”, wherever it appears, there is substituted “Authority”,

b

in subsection (8)(b) the words “and on payment of the prescribed fee” are omitted, and

c

after subsection (8) there is inserted—

8A

The Authority may charge a reasonable fee for furnishing to any person a copy of a report under subsection (8)(b) above.

82

Sections 67A to 67D75 cease to have effect.

83

In section 68 the following are omitted—

a

in the cross-heading before the section, the words “and systems”,

b

in the side-note, the words “and systems of business control”,

c

in subsection (1), paragraph (b) and the word “and” immediately preceding it,

d

subsections (4) to (7),

e

in subsection (10) the words “and such systems of control and of inspection and report are established and maintained”, and

f

subsection (11).

84

In section 69(4) for the words “Commission may by regulations made with the consent of the Treasury” there is substituted “Treasury may by regulations”.

85

In section 70(6) for the words “Commission shall, by regulations made with the consent of the Treasury,” there is substituted “Treasury shall by regulations”.

86

In section 71(1)(b) and (2)(a), the words “Commission with the consent of the” are omitted.

87

In section 73(2), paragraph (b) is omitted.

88

In section 74 for the words—

a

“Commission or the central office” in subsections (2), (3) and (4)(b), and

b

“Commission or central office” in subsection (4)(a),

there is substituted “Authority”.

89

In section 76(4) and (6)(b), for the words “Commission or to the central office” there is substituted “Authority”.

90

In section 77(1)(a)—

a

for the words “Commission or the central office” there is substituted “Authority”, and

b

the words “or their” are omitted.

91

In section 78—

a

for subsections (1) and (2) there is substituted—

1

The committee of management of a friendly society shall in each year—

a

lay before the society, at the annual general meeting, copies of the annual accounts for the last financial year, the report of the committee of management for that year and the auditors' report on those accounts; and

b

send to the Authority, not later than 30th June or 14 days before the annual general meeting, whichever is earlier, two copies of those accounts and reports.

2

The committee of management of a registered branch shall in each year—

a

lay before the branch, at the annual general meeting, copies of the annual accounts for the last financial year and the auditors' report on those accounts; and

b

send to the Authority, not later than 30th June or 14 days before the annual general meeting, whichever is earlier, two copies of those accounts and that report.

b

in subsections (3) and (4) for the word “Commission” there is substituted “Authority”, and

c

in subsection (8) for the words “central office shall keep” there is substituted “Authority shall keep one of”.

92

Section 7976 ceases to have effect.

93

In section 80, after subsection (1) there is inserted—

1A

Nothing in subsection (1) above or in rules of a kind mentioned in that subsection prevents any person, in accordance with the scheme for which Part XVI of the Financial Services and Markets Act 2000 provides (the ombudsman scheme), from having a complaint dealt with under such a scheme before, or instead of, arbitration.

94

In section 81(2) for the word “Commission”, both times it appears, there is substituted “Authority”.

95

In section 85—

a

in subsections (2) and (3) for the word “Commission” there is substituted “Authority”,

b

at the end of subsection (4) there is inserted—

4A

If, on the transfer date, each of the societies whose amalgamation was confirmed by the Authority has a permission under Part IV of the Financial Services and Markets Act 2000, the Authority shall, with effect from that date, give their successor such permission under that Part as it considers appropriate, and shall notify the successor of the permission by giving the successor a decision notice.

4B

Part XXVI of the Financial Services and Markets Act 2000 applies to a decision notice given under this section as it applies to a decision notice given under subsection (9) of section 52 of that Act by virtue of paragraph (a) of that subsection, except that—

a

section 390 (final notices) does not apply, and

b

for the purposes of section 391 (publication) the decision notice is to be treated as if it were a final notice rather than a decision notice.

4C

The giving of permission pursuant to subsection (4A) above is to be treated for the purposes of section 55 of the Financial Services and Markets Act 2000 (right to refer matters to the Financial Services and Markets Tribunal) as if it were the determination of an application made by the successor under Part IV of that Act, and Part IX of that Act (hearings and appeals) applies accordingly (but subject to subsection (4D) below).

4D

In the application of Part IX of that Act by virtue of subsection (4C) above, section 133(9) (which prevents the Authority from taking action specified in a decision notice until after any reference and appeal) is omitted.

c

in subsection (5) for the words “central office” there is substituted “Authority”.

96

In section 86—

a

in subsections (2)(e) and (3)(b), for the word “Commission” there is substituted “Authority”,

b

in subsection (4)—

i

for the word “Commission” there is substituted “Authority” and

ii

for the words “the central office” there is substituted “it”, and

c

in subsections (6) and (7) for the words “central office” there is substituted “Authority”.

97

In section 8777

a

in subsection (2)(b) for the words from “under” to “above” there is substituted “required by rules made by the Authority under section 138 of the Financial Services and Markets Act 2000 to maintain the margin of solvency required by such rules”, and

b

in subsections (2) and (3) for the word “Commission”, wherever it appears, there is substituted “Authority”.

98

In section 8878 for the word “Commission”, wherever it appears, there is substituted “Authority”.

99

In section 89—

a

in the side-note and subsections (1) to (6), for the word “Commission”, wherever it appears, there is substituted “Authority”, and

b

in subsection (7), for the words from “Commission” to “copy” there is substituted “Authority shall keep a copy of any direction given under this section”.

100

In section 90—

a

in the side-note and subsections (1) to (3), for the word “Commission”, wherever it appears, there is substituted “Authority”,

b

in subsection (3), after “by” there is inserted “paragraph 11 or”,

c

in subsection (4) for the words from the beginning to “(b)” there is substituted “At the same time as giving a warning notice to the society in accordance with section 58A(1) in relation to its proposal to give a direction, the Authority shall”,

d

in subsections (5) to (7) for the word “Commission”, wherever it appears, there is substituted “Authority”,

e

at the beginning of subsection (7) there is inserted “Before the Authority decides whether to give the society a decision notice in accordance with section 58A(3),”.

f

in subsection (8) for the words from “Commission” to “who” there is substituted “If the Authority gives a direction it shall keep a copy of that direction and”, and

g

in subsections (10) and (11) for the words “central office” there is substituted “Authority”.

101

Section 90A79 ceases to have effect.

102

In section 91—

a

in subsection (2) for the word “Commission” there is substituted “Authority”,

b

in subsection (4)—

i

for the words “at the central office” there is substituted “by the Authority”, and

ii

for the words “central office”, the second time they appear, there is substituted “Authority”,

c

in subsection (5) for the words “central office” there is substituted “Authority”,

d

in subsection (6) for the word “Commission” there is substituted “Authority”, and

e

in subsection (8) for the words “Commission, with the consent of the Treasury,” there is substituted “Treasury”.

103

In section 9380

a

in subsections (5) to (13) for the words—

i

“Commission”, and

ii

“central office”,

wherever they appear, there is substituted “Authority”, and

b

in subsection (14) for the words “Commission, with the consent of the Treasury, prescribes” there is substituted “Treasury prescribe”.

104

Sections 97 and 98 cease to have effect.

105

In section 99—

a

in subsection (1) the words “or an industrial assurance company” are omitted,

b

in subsection (3) for the words “Commission may, with the consent of the Treasury,” there is substituted “Treasury may”, and

c

subsection (4) is omitted.

106

Section 100 ceases to have effect.

107

In section 10381

a

in the side-note for the words “Parts V and” there is substituted “Part”,

b

in subsection (1)—

i

for the word “Commission” there is substituted “Authority”,

ii

the words “by order” are omitted,

iii

the words “V or” are omitted,

iv

after “Act” there is inserted “, or any provision of regulations made for the purposes of that Part,”,

v

for the word “order” the second time it appears there is substituted “direction”,

c

in subsection (2) for the words “An order” there is substituted “A direction”,

d

in subsection (3)—

i

for the words “An order” there is substituted “A direction”,

ii

for the word “Commission”, both times it appears, there is substituted “Authority”, and

iii

for the word “order”, the second time it appears, there is substituted “direction”,

e

subsections (4) to (6) are omitted,

f

in subsection (7)—

i

for the word “Commission” there is substituted “Authority”, and

ii

for the words “subsection (4) above” there is substituted “this section”, and

g

in subsection (9)—

i

for the words “Commission shall provide to the central office” there is substituted “Authority shall keep”,

ii

for the words “subsection (4) above” there is substituted “this section”, and

iii

the words “and the central office shall keep the copy” are omitted.

108

In section 104—

a

in subsections (1) and (3), for the words “central office” there is substituted “Authority”, and

b

for the words—

i

“on payment of the fee prescribed under section 114 below” in subsection (1)(b), and

ii

“on payment of the fee so prescribed” in subsection (2),

there is substituted “subject to paragraph (2A) below”, and

c

after subsection (2) there is inserted—

2A

The Authority may charge a reasonable fee for making the public file available to any person for inspection under subsection (1)(b) above, or for furnishing any person with a copy of any documents or records under subsection (2) above.

109

In section 10782, for the word “Commission”, wherever it appears, there is substituted “Authority”.

110

For section 111(1) there is substituted—

1

Any document bearing the seal or stamp of the Authority shall be received in evidence without further proof.

1A

Any document purporting to have been signed by a person authorised to do so on behalf of the Authority, and every document purporting to be signed by any inspector or public valuer under this Act, shall, in the absence of any evidence to the contrary, be received in evidence without proof of the signature.

1B

In subsections (1) and (1A), “document” means any document issued, received or created by the Authority (or, as the case may be, by any inspector or public valuer under this Act) for the purposes of or in connection with this Act.

111

In section 112(4)—

a

for the words “Commission may, by regulations made with the consent of the Treasury,” there is substituted “Treasury may by regulations”, and

b

for the words “it considers” there is substituted “they consider”.

112

In section 113(1) for the words “Commission and the central office” there is substituted “Authority”.

113

For section 114 there is substituted—

114Form of documents.

1

The Authority may, by directions under this section, make provision with respect to the form of, and the particulars to be included in, any document to be sent to it under this Act or the 1974 Act.

2

The directions have effect subject to any other provision of or made under this Act.

114

In section 117(1)83, in the definition of “insurance business”, after the word “but” there is inserted “, except for the purposes of sections 87 and 88 above,”.

115

In section 11984

a

in subsection (1)—

i

in the definition of “actuary” for the words “the qualifications prescribed by regulations under section 44 above” there is substituted “such qualifications, if any, as may be specified in rules made by the Authority under section 340 of the Financial Services and Markets Act 2000 (and subsections (3) to (6) of that section apply in relation to an actuary appointed by virtue of any provision of this Act as they apply in relation to an actuary appointed in compliance with such rules)”,

ii

after the definition of “annuities on human life”, there is inserted—

  • “the Authority” means the Financial Services Authority;

iii

in the definition of “appointed actuary” for the words “under section 44 above” there is substituted “in accordance with rules made under section 340 of the Financial Services and Markets Act 2000”,

iv

in the definition of “appropriate actuary”—

A

in paragraph (a) for the words “the duty imposed by section 44(1) above” there is substituted “a duty imposed by rules made by the Authority under section 340 of the Financial Services and Markets Act 2000”, and

B

in paragraph (b) for the word “that” there is substituted “such a”,

v

the definitions of “the central office”, “the Chief Registrar”, “collecting society”, “the Commission”, “the criteria of prudent management”, and “notifiable voting rights” are omitted,

vi

in the definition of “the public file” for the words “central office” there is substituted “Authority”, and

vii

the definition of “valuation regulations” is omitted, and

b

after subsection (1) there is inserted—

1AA

Any reference in this Act to the seal of the Authority is a reference to the seal provided for in regulations made under section 109(1)(b) of the Friendly Societies Act 1974 (and not to the Authority’s common seal).

116

Section 119B85 ceases to have effect.

117

In section 121(1) the words “or the Commission” are omitted.

118

Section 122 ceases to have effect.

119

Schedule 186 ceases to have effect.

120

In Schedule 387

a

for the words “central office”, wherever they appear, there is substituted “Authority”,

b

in paragraph 1(4) the words “is satisfied that the Commission” are omitted,

c

in paragraph 1(5) the following are omitted—

i

the words “and authorised”, and

ii

the words from “and in this sub-paragraph” to the end, and

d

in paragraph 13(4) for the words “Commission prescribes”, there is substituted “Treasury prescribe”.

121

In Schedule 4, in paragraph 2(5) and (6) for the words “central office”, wherever they appear, there is substituted “Authority”.

122

In Schedule 5—

a

in paragraph 2(5) for the words “Commission may by order made with the consent of the Treasury” there is substituted “Treasury may by order”, and

b

in paragraph 3(1) for the word “Commission” there is substituted “Treasury”.

123

In Schedule 10—

a

in paragraph 3(1)(c) for the words “central office” there is substituted “Financial Services Authority”,

b

in paragraph 3(2), before paragraph (a) there is inserted—

aa

every reference to a company registered in Scotland shall have effect as a reference to an incorporated friendly society whose registered office is situated in Scotland;

c

in paragraph 4(1), for the words “central office”, both times they appear, there is substituted “Authority”,

d

in paragraphs 24(3) and 54(3), for the words “central office”, both times they appear in each, there is substituted “Authority”, and

e

in paragraphs 32, 34(3), 35(1) and (2), 62, 64(3) and 65(1) and (2), for the word “Commission”, there is substituted “Authority”.

124

In Schedule 11, in paragraph 16(1) for the words “Commission, with the consent of the Treasury,” there is substituted “Treasury”.

125

In Schedule 12—

a

in paragraphs 3(2) and (3) for the word “Commission” there is substituted “Authority”, and

b

in paragraphs 5(2) and 7(6) for the word “Commission” there is substituted “Treasury”.

126

Schedules 13 to 13C88 cease to have effect.

127

In Schedule 14—

a

in paragraph 3(1) for the word “Commission”, both times it appears, there is substituted “Authority”,

b

in paragraph 5(3) for the word “Commission” there is substituted “Treasury”,

c

in paragraph 7—

i

in sub-paragraph (1) after the words “friendly society” there is inserted “or of a registered branch”,

ii

sub-paragraph (1)(d), and the word “and” immediately preceding it, are omitted,

iii

sub-paragraph (2) is omitted,

iv

in sub-paragraph (4) for the words “Commission, with the consent of the Treasury,” there is substituted “Treasury”, and

v

in sub-paragraphs (6) and (7) for the word “Commission” there is substituted “Authority”,

d

in paragraph 9—

i

for the word “Commission” in the cross-heading and in sub-paragraphs (1) and (6) there is substituted “Authority”, and

ii

for sub-paragraph (3) there is substituted—

3

Where a direction is given to a society or branch under this paragraph the Authority shall place a copy of the direction in the public file of the society.

3A

Where a society or branch receives a report under sub-paragraph (1)(b) above, it shall within 21 days send a copy of it to the Authority to be placed in the public file.

e

in paragraphs 10(2), 12(4), 14(2) and 14(7) for the words “central office” there is substituted “Authority”,

f

in paragraph 16(2) for the word “Commission”, both times it appears, there is substituted “Authority”, and

g

in paragraph 17(1) for the word “Commission” there is substituted “Treasury”.

128

In Schedule 1589

a

in paragraphs 1 and 2 for the word “Commission”, wherever it appears, there is substituted “Authority”,

b

in paragraph 3(1)—

i

in sub-paragraph (a) the words “Commission with the consent of the” are omitted, and

ii

in sub-paragraph (b) for the word “Commission” there is substituted “Authority”,

c

in paragraph 4 for the word “Commission” there is substituted “Authority”,

d

in the title of Part II of the Schedule, for the word “Commission” there is substituted “Authority”,

e

in paragraph 5(1)—

i

for the word “Commission”, the first time it appears, there is substituted “Authority”, and

ii

for the words “may be prescribed” to the end, there is substituted “the Authority may direct”,

f

in paragraph 5(3) to (6) for the word “Commission”, wherever it appears, there is substituted “Authority”,

g

in paragraph 5(8)—

i

for the words “Commission shall provide to the central office” there is substituted “Authority shall keep”, and

ii

the words “and the central office shall keep the copy” are omitted,

h

in paragraphs 6 to 10, for the word “Commission”, wherever it appears (including in the cross-heading before paragraph 8), there is substituted “Authority”,

i

in paragraph 8(2)(b) the words “, by notice to the central office,” are omitted.

j

paragraph 9(2)(c) is omitted,

k

in paragraph 10(1), after sub-paragraph (b) there is inserted—

or

c

from confirming a conversion by reason of paragraph 11 below,

l

in paragraph 10(2)—

i

after “meeting,” there is inserted “or (as the case may be) to remove the risk referred to in paragraph 11 below,” and

ii

after “remedied,” there is inserted “or (as the case may be) that the risk has been removed,”,

m

the cross-heading before paragraph 11 is omitted,

n

for paragraph 11 there is substituted—

11

The Authority shall not confirm an amalgamation, transfer of engagements or conversion unless it is satisfied that there is no substantial risk that the successor society, the proposed transferee, or the company into which the society is converted, will not have—

a

such permission (if any) under Part IV of the Financial Services and Markets Act 2000, or

b

such permission (if any) under paragraph 15 of Schedule 3 to that Act (as a result of qualifying for authorisation under paragraph 12 of that Schedule),

as will enable it to carry on the business which it will have as a result of the amalgamation, transfer or conversion without contravening section 19 of that Act (the general prohibition).

o

in paragraphs 12 and 13, for the word “Commission”, wherever it appears, there is substituted “Authority”,

p

in paragraph 13(1) for sub-paragraphs (a) and (b) there is substituted “possess the margin of solvency required by rules made by the Authority under section 138 of the Financial Services and Markets Act 2000.”,

q

in paragraph 13(3) for the words “and paragraph 14 below do” there is substituted “does”,

r

paragraph 14 is omitted,

s

in paragraphs 15 and 15A, for the word “Commission”, wherever it appears, there is substituted “Authority”,

t

in paragraph 15—

i

sub-paragraph (2)(a) is omitted, and

ii

in sub-paragraph (2)(b) the word “also” is omitted,

u

in paragraph 15A, sub-paragraph (2)(a) is omitted, and

v

paragraph 16 is omitted.

129

In Schedule 1690, paragraphs 3, 30 and 47 are omitted.

130

Schedules 17 to 1991 cease to have effect.

PART IIBUILDING SOCIETIES

Amendments to the Building Societies Act 1986

131

The Building Societies Act 198692 is amended as follows.

132

For Part I93, there is substituted—

PART IFUNCTIONS OF THE AUTHORITY

Functions of the Financial Services Authority in relation to building societies.1

1

The Financial Services Authority (“the Authority”) has the following functions under this Act in relation to building socities—

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 for by or under this Act; and

c

to advise and make recommendations to the Treasury and other government departments on any matter relating to building societies.

2

The Authority also has, in relation to such societies, the other functions conferred on it by or under this Act or any other enactment.

133

In section 594

a

in subsection (2) for the words “central office” there is substituted “Authority”, and

b

in subsection (4A)(a) for the word “Commission” there is substituted “Authority”.

134

In section 695

a

in subsection (5)(a) for the word “Commission” there is substituted “Authority”,

b

in subsection (7) for the words “Commission may, with the consent of the Treasury,” there is substituted “Treasury may”,

c

in subsection (8)(c) for the word “Commission” there is substituted “Treasury”, and

d

in subsection (15) for the word “Commission” there is substituted “Authority”.

135

In section 6A96

a

in subsection (2)(b) the words “Commission with the consent of the” are omitted,

b

in subsection (4)—

i

for the words “Commission may, with the consent of the Treasury,” there is substituted “Treasury may”, and

ii

for the words “the Commission”, the second time they appear, there is substituted “them”, and

c

in subsection (5) for the word “Commission” there is substituted “Treasury”.

136

In section 797

a

in subsection (5)(a) for the word “Commission” there is substituted “Authority”,

b

in subsection (7) for the words “Commission may, with the consent of the Treasury,” there is substituted “Treasury may”, and

c

in subsection (8) for the word “Commission” there is substituted “Treasury”.

137

In section 898

a

in subsection (3) for the word “Commission”, both times it appears, there is substituted “Authority”, and

b

in subsection (12)—

i

for the words “Commission may, with the consent of the Treasury,” there is substituted “Treasury may”, and

ii

for the word “Commission”, the second time it appears, there is substituted “Treasury”.

138

In section 9A99

a

in subsection (12)—

i

for the words from the beginning to “Treasury,” there is substituted “The Treasury may”, and

ii

for the words “it thinks” there is substituted “they think”, and

b

in subsection (13)(b) the words “or, as the case may be, the Commission” are omitted.

139

Sections 24 to 31100 cease to have effect.

140

In the title of Part VI for the word “Commission” there is substituted “Authority”.

141

In section 36101

a

for the word “Commission”, wherever it appears, there is substituted “Authority”, and

b

subsection (14) is omitted.

142

In section 36A102

a

in subsection (1) for the words “Commission may serve on the society a notice of the Commission’s intention to” there is substituted “Authority may”,

b

in subsection (4) for the word “Commission” there is substituted “Authority”,

c

for subsection (5) there is substituted—

5

If the Authority proposes to issue a prohibition order under this section it must give the society a warning notice.

5A

If the Authority decides to issue a prohibition order under this section it must give the society a decision notice, and may issue the order at the same time as or after giving the decision notice.

5B

A warning notice or decision notice about a prohibition order under this section must set out the terms of the order which the Authority proposes (or has decided) to make, including any saving or transitional provisions to be included in it.

5C

Part XXVI of the Financial Services and Markets Act 2000 (notices) is to be treated as applying in respect of warning notices and decision notices given under this section as it applies in respect of warning notices and decision notices given under that Act, subject to subsection (5D) below.

5D

In the application of Part XXVI of that Act in respect of warning notices and decision notices given under this section—

a

section 388(1)(e) is to be omitted,

b

section 388(2) (which makes provision for the type of action to which a decision notice may relate if it was preceded by a warning notice) is to be read as if, for the word “Part”, there were substituted the word “section”,

c

section 390 (final notices) is to be omitted, and

d

for the purposes of section 391 (publication) a decision notice given under this section is to be treated as if it were a final notice rather than a decision notice.

d

for subsection (6) there is substituted—

6

If the Authority issues a prohibition order under this section it shall serve the order on the society, and shall keep a copy of the order in the public file of the society.

e

in subsection (7) the words “made and” are omitted, and

f

in subsections (10) to (12) for the word “Commission”, wherever it appears, there is substituted “Authority”.

143

In section 37103

a

for the word “Commission”, wherever it appears, there is substituted “Authority”, and

b

in subsection (4) for the words “give a copy of it to the central office and the central office shall keep the copy” there is substituted “keep a copy of the order”.

144

Sections 41, 42 and 42A104 cease to have effect.

145

In section 42B105

a

in subsection (1) for the words “for which an authorisation is in force, the Commission” there is substituted “which has a permission under Part IV of the Financial Services and Markets Act 2000 to accept deposits, the Authority”,

b

for subsection (2) there is substituted—

2

If it appears to the Authority that a society has failed to comply with a direction under subsection (1), the Authority may exercise its power under section 45 of the Financial Services and Markets Act 2000 in relation to the society (power to vary or cancel a Part IV permission on the Authority’s own initiative).

2A

Subsection (2) does not affect the Authority’s ability to exercise that power, in relation to the society, on any other ground.

c

in subsections (3), (4) and (5), for the word “Commission”, wherever it appears, there is substituted “Authority”,

d

subsection (6) is omitted, and

e

in subsection (8) for the words “Commission, with the consent of the Treasury,” there is substituted “Treasury”.

146

In section 42C106

a

for the side-note there is substituted “Variation and revocation of transfer directions”,

b

in subsection (1)—

i

the words “shall be given by notice in writing and” are omitted, and

ii

for the word “Commission”, there is substituted “Authority”, and

c

subsections (2) and (3) are omitted.

147

Sections 43 to 45A107 cease to have effect.

148

For sections 46 to 49108 and the cross-heading before section 46 there is substituted—

Notices, hearings and appeals

46ANotices, hearings and appeals.

1

If the Authority proposes—

a

to give a direction to a society under section 36(3), (5), (6), (7) or (10), or

b

to give a direction to a society under section 42B(1), other than a direction varying a previous direction with the agreement of the society concerned,

it must give the society a warning notice.

2

The warning notice must set out the terms of the direction which the Authority proposes to give.

3

If the Authority decides—

a

to give a direction to a society under section 36(3), (5), (6), (7) or (10), or

b

to give a direction to a society under section 42B(1), other than a direction varying a previous direction with the agreement of the society concerned,

it must give the society a decision notice.

4

The decision notice must set out the terms of the direction which the Authority has decided to give.

5

A society to whom a decision notice is given under this section may refer the matter to the Financial Services and Markets Tribunal.

6

Part XXVI of the Financial Services and Markets Act 2000 (notices) is to be treated as applying in respect of warning notices and decision notices given under this section as it applies in respect of warning notices and decision notices given under that Act, subject to subsection (8) below.

7

The provisions of Part IX of the Financial Services and Markets Act 2000 (hearings and appeals) are to be treated as applying in respect of references to the Financial Services and Markets Tribunal made under this section as they apply in respect of references made to that Tribunal under that Act.

8

In the application of Part XXVI of that Act in respect of warning notices and decision notices given under this section—

a

section 388(1)(e)(i) (which requires a decision notice to indicate any right given under that Act to refer a decision to the Tribunal) is to be read as if, for the words “this Act”, there were substituted “the Building Societies Act 1986”;

b

section 388(2) (which makes provision for the type of action which may be proposed in a decision notice which was preceded by a warning notice) is to be read as if, for the word “Part”, there were substituted “section”;

c

section 390(4) (which provides for the content of a final notice about an order) is to be read as if—

i

for the words “an order” there were substituted “a direction”, and

ii

for the words “the order”, in both places where they appear, there were substituted “the direction”; and

d

section 392 (application of sections 393 (third party rights) and 394 (access to Authority material)) is to be read—

i

as if paragraph (a) of that section contained a reference to a warning notice given under subsection (1) above, and

ii

as if paragraph (b) of that section contained a reference to a decision notice given under subsection (3) above.

149

Section 50109 ceases to have effect.

150

In section 52110

a

in subsection (1) for the words from “Commission” to the end, there is substituted “Authority of any of its functions under Part I, sections 36, 36A, 37, 42B, 42C and 46A, Part X and section 107.”,

b

in subsection (5) for the word “Commission”, wherever it appears, there is substituted “Authority”,

c

in subsection (5A)—

i

for the words from “the Commission”, the first time they appear, to “authority, to” there is substituted “any person authorised for the purpose by the Authority (“an authorised officer”) may, on producing evidence of his authority,”, and

ii

in paragraphs (a), (b) and (c), for the word “Commission” there is substituted “Authority”,

d

in subsection (6)—

i

for the word “Commission”, the first time it appears, there is substituted “Authority”,

ii

for the word “person”, the first time it appears, there is substituted “officer”, and

iii

for the words “Commission or authorised person”, both times they appear, there is substituted “Authority or authorised officer”,

e

in subsection (9)—

i

for the words “Commission or an authorised person” there is substituted “Authority or an authorised officer”, and

ii

for the words “Commission or authorised person” there is substituted “Authority or authorised officer”, and

f

in subsection (13) for the word “Commission” there is substituted “Authority”.

151

For section 52A111 there is substituted—

52BEntry of premises under warrant under section 176 of the Financial Services and Markets Act 2000.

1

A justice of the peace may issue a warrant under section 176 of the Financial Services and Markets Act 2000 if satisfied on information on oath given by or on behalf of the Authority, an authorised officer within the meaning of section 52(5A) above, or a person appointed as an investigator under section 55(1) below or as an inspector under section 56(1) below, that there are reasonable grounds for believing that the first or second set of conditions below is satisfied.

2

The first set of conditions is that—

a

there are on the premises specified in the warrant information, documents or other material in relation to which a requirement has been imposed on any person under section 52(5), (5A) or (6) above or section 57(3) below, or which it is the duty of any person to produce under section 55(3) or 57(2) below, and

b

that person has failed (wholly or in part) to comply with the requirement or, having been requested to do so, has failed (wholly or in part) to comply with that duty.

3

The second set of conditions is that—

a

there are on the premises specified in the warrant information, documents or other material in relation to which a requirement could be imposed on any person under section 52(5), (5A) or (6) above or section 57(3) below, or which any person could be requested to produce in compliance with the duty imposed on them by section 55(3) or 57(2) below, and

b

if such a requirement were imposed, or such a request made,—

i

it would not be complied with, or

ii

any information, documents or other material to which it related would be removed, tampered with or destroyed.

152

For section 53112 there is substituted—

53ADisclosure of information.

1

For the purposes of sections 348 to 353 of the Financial Services and Markets Act 2000 (restrictions on disclosure of confidential information)—

a

information to which this section applies is to be treated as confidential information; and

b

in relation to such information, each of the following is a primary recipient—

i

the Authority;

ii

any person who is or has been employed by the Authority; and

iii

any person appointed by the Authority to carry out functions under this Act.

2

This section applies to information which—

a

relates to—

i

the business or other affairs of a building society or other body, or its or their plans for future development; or

ii

any person who is or has been, or has been appointed (or, in the case of a director, nominated or proposed as), an officer of a building society or other body;

b

was received by a primary recipient (within the meaning of subsection (1)(b)) for the purposes of, or in the discharge of, any functions of the Authority under any provision made by or under this Act; and

c

is not excluded information by virtue of subsection (4).

3

It is immaterial for the purposes of subsection (2) whether or not the information was received—

a

by virtue of a requirement to provide it imposed by or under this Act;

b

for other purposes as well as purposes mentioned in that subsection.

4

Information is excluded information if—

a

it has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purposes for which, disclosure is not precluded by section 348 of the Financial Services and Markets Act 2000; or

b

it is in the form of a summary or collection of information so framed that it is not possible to ascertain from it information relating to any particular person.

153

In section 54113

a

in the side-note and in subsections (1) and (2), for the word “Commission”, wherever it appears, there is substituted “Authority”, and

b

subsections (3) to (6) are omitted.

154

In sections 55 to 57114, and in the side-note to section 55, for the word “Commission”, wherever it appears, there is substituted “Authority”.

155

In section 57—

a

in subsection (8)(b) the words “and on payment of the prescribed fee” are omitted, and

b

after subsection (8) there is inserted—

8A

The Authority may charge a reasonable fee for furnishing to any person a copy of a report under subsection (8)(b) above.

156

In section 59(6) for the words “central office”, both times they appear, there is substituted “Authority”.

157

In section 60115

a

in subsection (4), after the word “subsections” there is inserted “(4A),”,

b

after subsection (4) there is inserted—

4A

A person in relation to whom there is in force a prohibition order made under section 56(2) of the Financial Services and Markets Act 2000 shall not be eligible to be elected as a director of a building society.

c

for the word “Commission” in subsections (9) and (16) there is substituted “Treasury”, and

d

for the words “it considers” in subsection (16) there is substituted “they consider”.

158

In section 61116

a

in subsection (4)—

i

for the word “Commission”, the first time it occurs, there is substituted “Treasury”,

ii

for the words “it thinks” there is substituted “they think”, and

iii

for the words “Commission may, with the consent of the Treasury,” there is substituted “Treasury may”,

b

in subsection (5) for the words “Commission considers”, there is substituted “Treasury consider”, and

c

for the words—

i

“Commission”, in subsection (9), and

ii

“central office”, both times they appear in subsection (13),

there is substituted “Authority”.

159

In section 64(3)—

a

for the words “Commission may, by order made with the consent of the Treasury,” there is substituted “Treasury may by order”, and

b

for the words “it thinks” there is substituted “they think”.

160

In section 65(8), for the words from “Commission” to “Treasury” there is substituted “Treasury may by order made by statutory instrument”.

161

In section 68117

a

in subsection (5) for the words—

i

“Commission” and

ii

“central office”

there is substituted “Authority”, and

b

in subsection (9)—

i

for the words “Commission may, by order made with the consent of the Treasury,” there is substituted “Treasury may by order”, and

ii

for the words “it thinks” there is substituted “they think”.

162

In section 69118

a

in subsection (5)—

i

for the word “Commission” there is substituted “Treasury”, and

ii

for the words “it considers” there is substituted “they consider”,

b

in subsection (8) for the word “Commission” there is substituted “Authority”,

c

in subsection (12) for the word “Commission” there is substituted “Treasury”,

d

in subsection (14) for the words—

i

“Commission” and

ii

“central office”

there is substituted “Authority”, and

e

in subsection (16)—

i

the words from the beginning to “and” are omitted, and

ii

for the words “such an order” there is substituted “an order made under subsection (5) or (12) above”.

163

In section 71119 the following are omitted—

a

in the side-note, and in the cross-heading before the section, the words “and systems of business control, etc.”,

b

in subsection (1), paragraph (b) and the word “and” immediately preceding it,

c

subsections (4) to (7),

d

in subsection (10) the words from “and such” to “maintained”, and

e

subsection (11).

164

In section 72(7) for the words “Commission may by regulations made with the consent of the Treasury” there is substituted “Treasury may by regulations”.

165

In section 73(7) for the words “Commission shall, by regulations made with the consent of the Treasury,” there is substituted “Treasury shall by regulations”.

166

In section 74(3) for the words “Commission prescribes by regulations made with the consent of the Treasury” there is substituted “Treasury prescribe by regulations”.

167

In section 75(1)(b)120 the words “Commission with the consent of the” are omitted.

168

In section 76121

a

in subsection (3) for the words “Commission may, by regulations made with the consent of the Treasury,” there is substituted “Treasury may by regulations”,

b

for subsection (8) there is substituted—

8

Not later than 21 days before the date of the annual general meeting at which the accounts and reports are to be considered, the society shall send one copy of the documents to which this subsection applies to every member of the society who is entitled to receive notice of the meeting, and two copies of the documents to which this subsection applies to the Authority.

8A

The documents to which subsection (8) applies are—

a

the summary financial statement, and

b

where subsection (8) extends under section 78(6) to the auditors' report also, the auditors' report.

c

in subsection (12) for the words “central office shall keep the copy” there is substituted “Authority shall keep one of the copies”.

169

In section 79(1), paragraph (b) is omitted.

170

In section 81—

a

in the side-note, for the words “members, Commission and central office” there is substituted “members and the Authority”,

b

in subsection (2)—

i

for the words “a copy” there is substituted “two copies”, and

ii

for the words “Commission and to the central office” there is substituted “Authority”,

c

in subsection (3) for the word “Commission” there is substituted “Authority”, and

d

in subsection (7) for the words “central office shall keep the copy” there is substituted “Authority shall keep one of the copies”.

171

Section 82122 ceases to have effect.

172

In the heading to Part IX, the words “Complaints and” are omitted.

173

Sections 83, 83A and 84123 cease to have effect.

174

In sections 87 to 89 and 91124, for the words—

a

“Commission”, and

b

“central office”,

wherever they appear, there is substituted “Authority”.

175

In section 89—

a

in subsection (1)—

i

in paragraph (d) for the words from “granted” to “enactment” there is substituted “given permission under Part IV of the Financial Services and Markets Act 2000 to accept deposits”, and

ii

for paragraph (e) there is substituted—

e

the society’s permission under Part IV of the Financial Services and Markets Act 2000 to accept deposits has been cancelled (and no such permission has subsequently been given to it);

b

in subsection (4), paragraph (a) is omitted.

176

In section 92A125

a

in subsection (10)—

i

for the words “Commission may, with the consent of the Treasury,” there is substituted “Treasury may”,

ii

for the word “it” there is substituted “them”, and

iii

for the word “Commission”, the second time it appears, there is substituted “Treasury”, and

b

in subsection (11)—

i

for the words “Commission may, with the consent of the Treasury,” there is substituted “Treasury may”, and

ii

for the word “Commission”, the second time it appears, there is substituted “Treasury”.

177

In section 93126

a

in subsection (2)(d)—

i

for the word “Commission” there is substituted “Authority”, and

ii

for the words “central office four” there is substituted “Authority three”,

b

in subsection (3)—

i

for the word “Commission” there is substituted “Authority”,

ii

for the words “the central office, if it” there is substituted “and”, and

iii

before the word “shall” there is inserted “it”,

c

in subsection (4) for the word “Commission” there is substituted “Authority”,

d

for subsection (6) there is substituted—

6

If, on the specified date, each of the societies whose amalgamation was confirmed by the Authority has permission under Part IV of the Financial Services and Markets Act 2000 to accept deposits, the Authority shall, with effect from that date, give their successor such permission under that Part as it considers appropriate, and shall notify the successor of the permission by giving the successor a decision notice.

6A

Part XXVI of the Financial Services and Markets Act 2000 applies to a decision notice given under this section as it applies to a decision notice given under subsection (9) of section 52 of that Act by virtue of paragraph (a) of that subsection, except that—

a

section 390 (final notices) does not apply, and

b

for the purposes of section 391 (publication) the decision notice is to be treated as if it were a final notice rather than a decision notice.

6B

The giving of permission pursuant to subsection (6) above is to be treated for the purposes of section 55 of the Financial Services and Markets Act 2000 (right to refer matters to the Financial Services and Markets Tribunal) as if it were the determination of an application made by the successor under Part IV of that Act, and Part IX of that Act (hearings and appeals) applies accordingly (but subject to subsection (6C) below).

6C

In the application of Part IX of that Act by virtue of subsection (6B) above, section 133(9) (which prevents the Authority from taking action specified in a decision notice until after any reference and appeal) is omitted.

e

subsection (7) is omitted.

178

In section 94127

a

in subsections (5)(b) and (7)(a), for the word “Commission” there is substituted “Authority”,

b

in subsection (8)—

i

for the word “Commission” there is substituted “Authority”, and

ii

for the words “the central office” there is substituted “it”, and

c

in subsection (9) for the words “central office” there is substituted “Authority”.

179

In section 95128

a

in subsection (2) for the words “central office”, and

b

in subsections (3) to (6) for the word “Commission”, wherever it appears,

there is substituted “Authority”.

180

In section 96129

a

in subsections (2) and (5) for the words “Commission, with the consent of the Treasury,” there is substituted “Treasury”, and

b

in subsection (6) for the word “Commission”, both times it appears, there is substituted “Authority”.

181

In sections 97 and 98130 for the words—

a

“central office” and

b

“Commission”,

wherever they appear, there is substituted “Authority”.

182

In section 99(3) for the words “Commission, with the consent of the Treasury,” there is substituted “Treasury”.

183

In section 100(7) for the word “Commission”, both times it appears, there is substituted “Authority”.

184

In section 101(6)131 the definition of “the Authority” is omitted.

185

In section 102132

a

in subsection (1) for the words “Commission, with the consent of the Treasury,” there is substituted “Treasury”, and

b

in subsection (2) the words “and the Banking Act 1987” are omitted.

186

In section 102D(11)133 for the words “Commission may with the consent of the Treasury” there is substituted “Treasury may”.

187

In section 103—

a

for the words “central office”, wherever they appear, there is substituted “Authority”, and

b

in subsection (2)(a) for the words “is not an authorised society” there is substituted “does not have permission under Part IV of the Financial Services and Markets Act 2000 to accept deposits”.

188

In section 104A(1)134 the words “and after consultation with the Commission” are omitted.

189

In section 106—

a

in subsection (1) for the words “central office” there is substituted “Authority”,

b

in subsections (1)(b) and (2) for the words “on payment of the prescribed fee” there is substituted “subject to subsection (3) below”, and

c

after subsection (2) there is inserted—

3

The Authority may charge a reasonable fee for making the public file available to any person for inspection under subsection (1)(b) above, or for furnishing any person with a copy of any documents or records under subsection (2) above.

190

In sections 107 and 111135 for the word “Commission”, wherever it appears, there is substituted “Authority”.

191

In section 112136, subsection (2) is omitted.

192

For section 113(1) there is substituted—

1

Any document bearing the seal or stamp of the Authority shall be received in evidence without further proof.

1A

Any document purporting to have been signed by a person authorised to do so on behalf of the Authority shall, in the absence of any evidence to the contrary, be received in evidence without proof of the signature.

1B

In subsections (1) and (1A), “document” means any document issued, received or created by the Authority for the purposes of or in connection with this Act.

193

In section 114(4)—

a

for the words “Commission may, by regulations made with the consent of the Treasury,” there is substituted “Treasury may by regulations”, and

b

for the words “it considers” there is substituted “they consider”.

194

In section 115137

a

in subsection (1) for the words “Commission and the central office” there is substituted “Authority”, and

b

subsection (1A) is omitted.

195

For section 116 there is substituted—

116Form of documents.

1

The Authority may, by directions under this section, make provision with respect to the form of, and the particulars to be included in, any document to be sent to it under this Act.

2

The directions have effect subject to any other provision of or made under this Act.

196

Section 118A138 ceases to have effect.

197

In section 119139

a

in subsection (1)—

i

the definition of “authorisation” is omitted,

ii

before the definition of “borrowing members' resolution”, there is inserted—

  • “the Authority” means the Financial Services Authority;

iii

the definitions of “the central office”, “the Chief Registrar”, “the Commission”, and “the criteria of prudent management” are omitted,

iv

in the definition of “deferred shares”, for the words “Commission, with the consent of the Treasury,” there is substituted “Treasury”,

v

the definition of “Investor Protection Board” is omitted,

vi

the definition of “non-EEA laws” (including the words up to “construed accordingly;”) is omitted,

vii

in the definition of “officially notified”, for the words “central office” there is substituted “Authority”,

viii

the definition of “prescribed” is omitted, and

ix

in the definition of “the public file”, for the words “central office” there is substituted “Authority”,

b

after that subsection there is inserted—

1A

Any reference in this Act to the seal of the Authority is a reference to the seal provided for in regulations made under section 109(1)(b) of the Friendly Societies Act 1974 (and not to the Authority’s common seal).

c

in subsection (4)—

i

for the words “sections 9A(7) and 83A(7)” there is substituted “section 9A(7)”, and

ii

for the word “Commission” there is substituted “Authority”.

198

Section 123 ceases to have effect.

199

Schedule 1140 ceases to have effect.

200

In Schedule 2141

a

for the words “central office”, wherever they appear, there is substituted “Authority”,

b

in paragraph 1(1)(c) for the word “four” there is substituted “three”,

c

in paragraph 3(3) the words “the Commission or” are omitted,

d

in paragraph 10A(2), (3)(a), and (4)(b) for the word “Commission” there is substituted “Authority”,

e

in paragraphs 10A(3) and 10B(5) for the words “Commission may, with the consent of the Treasury,” there is substituted “Treasury may”,

f

in paragraph 10C(6) for the words “Commission thinks” there is substituted “Treasury think”,

g

in paragraph 12(4) for the words “Commission prescribes” there is substituted “Treasury prescribe”,

h

in paragraph 15—

i

in sub-paragraph (1)(a) for the words “authorisation revoked under section 43” there is substituted “permission under Part IV of the Financial Services and Markets Act 2000 to accept deposits cancelled”,

ii

in sub-paragraph (1)(b) for the words “been re-authorised under section 44” there is substituted “subsequently been given such permission”,

iii

for the word “Commission”, wherever it appears in sub-paragraphs (2) to (4), there is substituted “Authority”,

iv

sub-paragraph (2)(c) and the word “and” immediately preceding it are omitted,

v

after sub-paragraph (2) there is inserted—

2A

The Authority may charge a reasonable fee for considering an application under sub-paragraph (2) above.

vi

sub-paragraphs (9) to (11) are omitted,

i

in paragraph 20(3) and (5)(b) for the word “Commission” there is substituted “Authority”,

j

in paragraph 20A(12) for the word “Commission” there is substituted “Authority”,

k

in paragraph 20A(13)—

i

for the words “Commission may, with the consent of the Treasury,” there is substituted “Treasury may”,

ii

for the word “it” there is substituted “them”, and

iii

for the word “Commission”, the second time it appears, there is substituted “Treasury”,

l

in paragraph 30(4)—

i

for the word “Commission”, the first time it appears, there is substituted “Authority”, and

ii

for the words “the Commission”, the second time they appear, there is substituted “it”,

m

in paragraph 30(6)—

i

the words “, after consultation with the Commission,” are omitted, and

ii

for the words “it thinks” there is substituted “they think”,

n

in paragraph 31(7) for the word “Commission” there is substituted “Authority”,

o

in paragraph 32(4) for the word “Commission” there is substituted “Treasury”, and

p

in paragraph 36(1) for the words “Commission, with the consent of the Treasury, by order specifies” there is substituted “Treasury by order specify”.

201

In Schedule 2A142, in paragraph 3(1) for the words “Chief Registrar” there is substituted “Treasury”.

202

Schedules 5 and 6143 cease to have effect.

203

Schedule 7A144 ceases to have effect.

204

In Schedule 8A145

a

for the word “Commission”, wherever it appears, there is substituted “Authority”, and

b

in paragraphs 3(3)(a) and 9(3)(a) for the words “the notice of confirmation under section 42C(2)(b)” there is substituted “a final notice given by the Authority under section 390 of the Financial Services and Markets Act 2000”.

205

In Schedule 10146, in paragraph 9(1) for the words “Commission, with the consent of the Treasury,” there is substituted “Treasury”.

206

In Schedule 11147

a

for the word “Commission”, wherever it appears except in paragraph 5(1)(b), there is substituted “Authority”,

b

in paragraph 5(1)(b) the words “Commission made with the consent of the” are omitted, and

c

in paragraphs 6(2) and 7(3)(a) for the words “central office” there is substituted “Authority”.

207

Schedules 12 and 13148 cease to have effect.

208

In Schedule 14149

a

for the words—

i

“Commission” in paragraphs 1(5) and 6(1) and (2), and

ii

“central office” wherever it appears in paragraph 3 or the preceding-cross-heading,

there is substituted “Authority”, and

b

paragraph 7 is omitted.

209

In Schedule 15150

a

in paragraph 3(1)(b) for the words “central office” there is substituted “Financial Services Authority”,

b

in paragraph 3(2), before paragraph (a) there is inserted—

aa

every reference to a company registered in Scotland shall have effect as a reference to a building society whose registered office is situated in Scotland;

c

in paragraph 4(1), for the words “central office”, both times they appear, there is substituted “Authority”,

d

in paragraphs 12(2) and 40(2) the words from “(including” to “Act)” are omitted,

e

in paragraphs 21(3) and 48(3), for the words “central office”, both times they appear in each, there is substituted “Authority”, and

f

in paragraphs 29, 31(3), 32(1) and (2), 55A, 55C(3) and 55D(1) and (2), for the word “Commission”, there is substituted “Authority”.

210

In Schedule 15A151

a

in paragraph 2(1)(b) for the words “central office” there is substituted “Financial Services Authority”,

b

in paragraph 2(2), before paragraph (a) there is inserted—

aa

every reference to a company registered in Scotland shall have effect as a reference to a building society whose registered office is situated in Scotland;

c

in paragraph 3(1) for the words “central office”, both times they appear, there is substituted “Authority”,

d

after paragraph 5 there is inserted—

5A

In this Schedule, “scheme manager” has the same meaning as in the Financial Services and Markets Act 2000.

e

in paragraphs 9A, 10(1), 11 and 15 for the word “Commission”, wherever it appears, there is substituted “Authority”,

f

in paragraph 16(2) the words “or paragraph (a) of the seventh criterion in section 45(3) of this Act” are omitted,

g

paragraph 16(4) is omitted,

h

in paragraph 21(1)(a)—

i

for the words “central office” there is substituted “Authority”, and

ii

for the words “Commission and the Investor Protection Board” there is substituted “scheme manager”,

i

in paragraph 23(1) for the words “Commission and to the Investor Protection Board” there is substituted “Authority and to the scheme manager”,

j

in paragraph 24(a) for the words “Commission or Investor Protection Board” there is substituted “Authority or the scheme manager”,

k

in paragraph 24(b) for the words “Commission or that Board” there is substituted “Authority or the scheme manager”,

l

in paragraph 25 for the word “Commission” there is substituted “Treasury”,

m

in paragraphs 32(1), 33 and 37 for the word “Commission”, wherever it appears, there is substituted “Authority”,

n

in paragraph 38(2) the words “or paragraph (a) of the seventh criterion in section 45(3) of this Act” are omitted,

o

paragraph 38(4) is omitted,

p

in paragraph 43(1)(a)—

i

for the words “central office” there is substituted “Authority”, and

ii

for the words “Commission and the Investor Protection Board” there is substituted “scheme manager”,

q

in paragraph 45(1)(a) for the words “Commission and to the Investor Protection Board” there is substituted “Authority and to the scheme manager”,

r

in paragraph 46(a) for the words “Commission or Investor Protection Board” there is substituted “Authority or the scheme manager”,

s

in paragraph 46(b) for the words “Commission or that Board” there is substituted “Authority or the scheme manager”, and

t

in paragraph 47 for the word “Commission” there is substituted “Treasury”.

211

In Schedule 16152

a

for the words—

i

“Commission”, and

ii

“central office”,

wherever they appear (including in the cross-heading which appears before paragraph 5 of the Schedule and the heading to Part III of the Schedule), there is substituted “Authority”, and

b

for the word “prescribe” in paragraph 7 there is substituted “direct”.

212

In Schedule 17153

a

for the word “Commission”, wherever it appears (including in the title of Part II of the Schedule) except in paragraphs 5(1) and (2), there is substituted “Authority”,

b

in paragraphs 5(1) and (2) for the words “Commission, with the consent of the Treasury,” there is substituted “Treasury”,

c

in paragraph 5D and in the cross-heading before it, for the words “central office”, wherever they appear, there is substituted “Authority”, and

d

in paragraph 6 for the word “prescribe” there is substituted “direct”.

Amendments to the Building Societies Act 1997213

In the Building Societies Act 1997154 the following provisions cease to have effect—

a

section 16,

b

sections 19 to 24,

c

sections 32155 to 35,

d

section 44,

e

Schedule 3,

f

in Schedule 7, paragraphs 1, 3 to 15, 18 to 20, 29(2), 35, 36, 51, 55, 58, 62, 63 and 64(5), and

g

in Schedule 8, paragraphs 1 to 3.

PART IIIINDUSTRIAL AND PROVIDENT SOCIETIES

Amendments to the Industrial and Provident Societies Act 1965

214

The Industrial and Provident Societies Act 1965156 is amended as follows.

215

For the words—

i

“the appropriate registrar”,

ii

“that registrar”,

iii

“the chief registrar” , and

iv

“the central office”,

wherever they appear (unless provision is made below for them to be omitted or otherwise amended), there is substituted “the Authority”.

216

In section 5157

a

in subsection (3)(b) for sub-paragraphs (i) and (ii) there is substituted “of the Authority.”, and

b

in subsection (5) for the word “he”, both times it occurs, there is substituted “the Authority”.

217

In section 11(1)158 for the words “chief registrar or some other person appointed by him for the purpose” there is substituted “Treasury”.

218

In section 16(1)159

a

in subsection (1) for the words “writing under his hand or seal or, in Scotland,” there is substituted “in writing”,

b

in paragraph (a) for the word “his” there is substituted “the Authority's”,

c

in paragraph (b) for the word “he”, both times it occurs, there is substituted “the Authority”, and

d

in paragraph (c)—

i

the words “with the approval of the Treasury—” are omitted,

ii

in sub-paragraph (i)—

A

for the word “his” there is substituted “the Authority's”, and

B

for the words “a registrar” there is substituted “the Authority”, and

iii

in sub-paragraphs (ii) and (iii) for the word “him” there is substituted “the Authority”.

219

In section 16(4)—

a

for the word “him”, both times it appears, there is substituted “the Authority”,

b

for the word “he”, the first time it appears, there is substituted “the Authority”, and

c

for the word “he”, the second time it appears, there is substituted “it”.

220

In section 17—

a

in subsection (1)—

i

the words “with the approval of the Treasury”, the first time they appear, are omitted,

ii

for the words “writing under his hand or seal” there is substituted “notice in writing”, and

iii

in paragraph (b) the words “with the approval of the Treasury, but” are omitted,

b

in subsection (2) for the words “writing under his hand or seal” there is substituted “notice in writing”, and

c

subsection (6) is omitted.

221

In section 18—

a

in subsection (1)(a) for the word “he” there is substituted “the Authority”, and

b

in subsection (2), for paragraphs (a) and (b) there is substituted “to the High Court or, in the case of a society whose registered office is situated in Scotland, to the Court of Session”.

222

In section 39(3)160 for the word “he” there is substituted “it”.

223

In section 44(4) for the words from the beginning to “may” there is substituted “Any person authorised for the purpose by the Authority may, on producing evidence of his authority,”.

224

In section 47(1) and (2), for the word “he” there is substituted “it”.

225

In section 48161

a

for the word “him”, both times it appears, there is substituted “it”,

b

for the word “he”, wherever it appears, there is substituted “it”, and

c

for the word “his” there is substituted “its”.

226

In section 49—

a

in subsection (1) the words “, with the consent of the Treasury” are omitted,

b

in subsection (3) for the word “he” there is substituted “it”, and

c

subsection (7) is omitted.

227

In section 50(4) for the word “him” there is substituted “it”.

228

In section 52162 the following are omitted—

a

in subsection (2) the words “or bearing the signature of the assistant registrar for Scotland, as the case may require,” and

b

in subsection (4) the words “or, under the direction of the chief registrar, by the assistant registrar for Scotland”.

229

In section 55163

a

in paragraph (a)(i) the words “within the meaning of this Act” are omitted, and

b

after paragraph (a)(i) there is inserted—

ia

any reference in those provisions to a company registered in Scotland shall have effect as a reference to a society registered under this Act whose registered office is situated in Scotland;

230

In section 60164

a

in subsection (1) before “(4)” there is inserted “(2A),”,

b

after subsection (1) there is inserted—

1A

Nothing in subsection (1) above or in rules of a kind mentioned in that subsection prevents any person, in accordance with the scheme for which Part XVI of the Financial Services and Markets Act 2000 provides (the ombudsman scheme), from having a complaint dealt with under such a scheme before, or instead of, determination in the manner directed in the rules.

c

after subsection (2) there is inserted—

2A

If the rules contain directions by virtue of which a dispute would fall to be determined by the Authority, the dispute shall instead be referred to the county court or, in Scotland, to the sheriff for determination.

d

in subsection (8)—

i

for paragraph (a) there is substituted—

a

a county court or, in Scotland, the sheriff shall have power to order the expenses of determining the dispute to be paid either out of the funds of the society or by such parties to the dispute as it thinks fit;

ii

in paragraph (b) for the words “might have been granted by a registrar to whom the dispute had been referred” there is substituted “the court considers necessary for the just and expeditious disposal of the dispute”, and

iii

paragraph (c) is omitted, and

e

in subsection (9) for the words “or registrar to whom” there is substituted “to which”.

231

In section 61(b) the words “or any assistant registrar” are omitted.

232

In section 66—

a

in subsection (1)—

i

the words“, and in England and Wales only by,” are omitted,

ii

for sub-paragraph (iii) of paragraph (a) there is substituted—

iii

other than in Scotland, the Authority;

iii

for paragraph (c) there is substituted—

c

in any other case—

i

any person aggrieved; or

ii

other than in Scotland, the Authority;

and (except in Scotland) no other person may institute such proceedings.

b

in subsection (2)—

i

for the words “a registrar or procurator-fiscal” there is substituted “the Authority or by the Lord Advocate”, and

ii

for the words “appropriate registrar” there is substituted “Authority (or the Lord Advocate, as the case may be)”.

233

In section 67(1) the words “or any other registrar” are omitted.

234

Before section 71 there is inserted—

Fees for inspection or copying of documents.70A

Before the Authority allows any person to inspect any document held by it in connection with this Act, or provides any person with a copy of any such document (or part of such document), it may charge that person a reasonable fee.

235

For section 72(2)165 there is substituted—

2

Any document bearing the seal or stamp of the Authority shall be received in evidence without further proof.

3

Any document purporting to have been signed by a person authorised to do so on behalf of the Authority, and every document purporting to be signed by any inspector under this Act, shall, in the absence of any evidence to the contrary, be received in evidence without proof of the signature.

4

In subsections (2) and (3), “document” means any document issued, received or created by the Authority (or, as the case may be, by any inspector under this Act) for the purposes of or in connection with this Act, the Industrial and Provident Societies Act 1967 or the Friendly and Industrial and Provident Societies Act 1968.

236

Section 73 ceases to have effect.

237

Section 74166 is renumbered as subsection (1) of that section and—

a

after the definition of “amendment” there is inserted—

  • “the Authority” means the Financial Services Authority;

b

in the definition of “Gazette”, in paragraphs (a) and (b) for the words “or its rules are recorded” there is substituted “or the society carries on business”, and

c

at the end there is inserted—

2

Any reference in this Act to the seal of the Authority is a reference to the seal provided for in regulations made under section 109(1)(b) of the Friendly Societies Act 1974 (and not to the Authority’s common seal), and any reference to a document sealed by the Authority is a reference to a document sealed with that seal.

238

In section 76(1)—

a

for the words from “central office” to “is the appropriate registrar” there is substituted “Authority to be recorded by it and have been so recorded, then, for the purposes of the operation of this Act in Great Britain and the Channel Islands”, and

b

for the words “appropriate registrar for that area” there is substituted “Authority”.

Amendments to the Industrial and Provident Societies Act 1967

239

The Industrial and Provident Societies Act 1967167 is amended as follows.

240

In section 1168

a

for the words “central office”, wherever they appear, there is substituted “Authority”,

b

for the words “chief registrar”, wherever they appear, there is substituted “Authority”,

c

for subsection (2)(b) there is substituted—

b

such fee as may be required by rules made in accordance with paragraph 17 of Schedule 1 to the Financial Services and Markets Act 2000.

d

in subsection (3)(c) for the word “determined” there is substituted “required”, and

e

in subsection (5) for the word “he” there is substituted “it”.

241

In section 3169

a

in subsection (2)(b) for the words “registrar under this Act”, and

b

in subsection (2)(c) for the word “registrar”, the second time it appears,

there is substituted “Authority”.

242

In section 4170

a

for the word “registrar”, wherever it appears, there is substituted “Authority”,

b

for subsection (1)(c) there is substituted—

c

such fee as may be required by rules made in accordance with paragraph 17 of Schedule 1 to the Financial Services and Markets Act 2000;

c

in subsection (2)—

i

for the words “Chief Registrar”, both times they appear, there is substituted “Authority”, and

ii

for the word “he” there is substituted “it”, and

d

in subsection (3)(c) for the words from “determined” to the end there is substituted “required by rules made in accordance with paragraph 17 of Schedule 1 to the Financial Services and Markets Act 2000.”.

243

In section 5171 for the word “registrar”, both times it appears, there is substituted “Authority”.

244

In section 6, subsection (1) is omitted.

245

In section 7—

a

in subsection (1), before the word ““prescribed”” there is inserted ““the Authority”,”, and

b

in subsection (2)—

i

for the words “70 to 73” there is substituted “70A, 71 and 72”, and

ii

for the words “regulations, documents, registrars and the central office” there is substituted “regulations and documents”.

Amendments to the Friendly and Industrial and Provident Societies Act 1968

246

The Friendly and Industrial and Provident Societies Act 1968172 is amended as follows.

247

In section 3A(11)173 for the word “registrar” there is substituted “Authority”.

248

In section 4174

a

in subsections (5), (6) and (7) for the word “registrar” there is substituted “Authority”,

b

in subsection (7)(b) for the word “him”, both times it appears, there is substituted “the Authority”, and

c

in subsection (8) the words “Chief Registrar with the consent of the” are omitted.

249

In section 4A(4) and (5)(b)175 for the word “registrar” there is substituted “Authority”.

250

In section 7176 the following are omitted—

a

in subsection (1) the words “Subject to the next following subsection,”, and

b

subsections (2) and (3).

251

In section 9C177

a

in subsection (1) for the word “ registrar” there is substituted “Authority”, and

b

in subsection (1)(b) for the word “him”, both times it appears, there is substituted “the Authority”.

252

In section 10(1)178 the words “Chief Registrar with the consent of the” are omitted.

253

In section 11179

a

in subsection (1) for the words “appropriate registrar”, and

b

in subsection (3) for the words “chief registrar”,

there is substituted “Authority”.

254

In section 12(3)180 for the words “appropriate registrar” there is substituted “Authority”.

255

In section 13—

a

in subsection (3) for the words “Chief Registrar” there is substituted “Treasury”,

b

in subsection (4) for the words “Chief Registrar” there is substituted “Authority”, and

c

in subsections (6) and (7) for the words “appropriate registrar” there is substituted “Authority”.

256

In section 14181 for the words “Chief Registrar”, wherever they appear, there is substituted “Authority”.

257

Section 17182 ceases to have effect.

258

In section 18183 for the word “registrar” there is substituted “Authority”.

259

In section 19, subsection (3) is omitted.

260

In section 21(1)184

a

the definition of “collecting society” is omitted, and

b

in the definition of “Scottish society”, before the words “in Scotland” there is inserted “whose registered office is situated”.

261

In section 23(4), paragraph (a) is omitted.

Amendments to the Industrial and Provident Societies Act 1975

262

In section 2 of the Industrial and Provident Societies Act 1975185

a

in subsection (1)—

i

for the words “chief registrar” there is substituted “Treasury”, and

ii

the words “, with the consent of the Treasury,” are omitted,

b

in subsection (2) for the words “chief registrar” there is substituted “Treasury”, and

c

in subsection (4) the words from “and the Statutory Instruments Act 1946” to the end are omitted.

Amendments to the Industrial and Provident Societies Act 1978

263

In section 2 of the Industrial and Provident Societies Act 1978186

a

in subsection (1)—

i

for the words “chief registrar” there is substituted “Treasury”, and

ii

the words “, with the consent of the Treasury,” are omitted,

b

in subsection (2) for the words “chief registrar” there is substituted “Treasury”, and

c

in subsection (4) the words from “and the Statutory Instruments Act 1946” to the end are omitted.

PART IVCREDIT UNIONS

Amendments to the Credit Unions Act 1979

264

The Credit Unions Act 1979187 is amended as follows.

265

In section 1188

a

in subsections (1), (4) and (5) for the words “appropriate registrar” there is substituted “Authority”, and

b

in subsection (5) for the word “he”, both times it appears, there is substituted “it”.

266

In section 2, subsection (6) is omitted.

267

In section 3(3)(b) for the words “chief registrar” there is substituted “Authority”.

268

In section 4(1) for the words “appropriate registrar”, both times they appear, there is substituted “Authority”.

269

In section 5189

a

in subsection (4) for the words “chief registrar may, by order made with the consent of the Treasury,” there is substituted “Treasury may by order”, and

b

in subsection (10) for the words “appropriate registrar” there is substituted “Authority”.

270

In section 6190

a

in subsection (3) the words “after consultation with the chief registrar,” are omitted,

b

in subsection (5)—

i

for the words “appropriate registrar” there is substituted “Authority”, and

ii

for the word “he” there is substituted “it”, and

c

in subsection (6)—

i

for the words “appropriate registrar” there is substituted “Authority”, and

ii

for the word “him” there is substituted “it”.

271

In section 9191

a

in subsection (4) for the words “chief registrar may, by order made with the consent of the Treasury,” there is substituted “Treasury may by order”, and

b

in subsection (5) for the words “chief registrar” there is substituted “Treasury”.

272

In section 10(2) for the words “chief registrar” there is substituted “Authority”.

273

In section 11(7) the words “chief registrar with the consent of the” are omitted.

274

In section 11(6C) as inserted by section 11B(5)192 (modified application of section 11 in relation to credit unions holding a certificate of approval under section 11C), for the words “appropriate registrar” there is substituted “Authority”.

275

In section 11C—

a

for the words “appropriate registrar”, wherever they appear, there is substituted “Authority”,

b

in subsection (1), for the word “him” there is substituted “the Authority”,

c

in subsections (3), (4) and (5)(a), for the word “he”, each time it appears, there is substituted “it”, and

d

in subsections (5)(a) and (b), for the word “him” there is substituted “the Authority”.

276

In section 11D(1)—

a

for the words “appropriate registrar” there is substituted “Authority”, and

b

for the word “him” there is substituted “it”.

277

In section 13(1) the words “chief registrar with the consent of the” are omitted.

278

In section 14(4) the words “chief registrar with the consent of the” are omitted.

279

In section 15193

a

for the words—

i

“appropriate registrar” in subsection (1), and

ii

“chief registrar” in subsection (2)(c),

there is substituted “Authority”, and

b

in subsection (3) the words “chief registrar with the consent of the” are omitted, and

c

in subsection (4) for the words “chief registrar” there is substituted “Treasury”.

280

In section 16(3)—

a

for the words “appropriate registrar” both times they appear there is substituted “Authority”, and

b

for the word “his” there is substituted “its”.

281

In section 17—

a

in subsections (1) and (2) for the words “appropriate registrar” there is substituted “Authority”, and

b

in subsection (1)—

i

for the word “his”, where it appears the first time, there is substituted “its”, and

ii

for paragraphs (a) and (b) there is substituted “shall apply also in connection with the exercise of its functions under this Act,”.

282

In sections 18 to 23, for the words “chief registrar” or (as the case may be) “appropriate registrar”, wherever they appear, there is substituted “Authority”.

283

In section 18(1) for the words “he may, with the consent of the Treasury,” there is substituted “it may”.

284

In section 19—

a

in subsection (1) for the words “he may, with the consent of the Treasury,” there is substituted “it may”, and

b

in subsection (4) the words “with the consent of the Treasury” are omitted.

285

In section 20(2) for the word “him”, both times it appears, there is substituted “the Authority”.

286

In section 21(3) for the word “his” there is substituted “its”.

287

For section 29 there is substituted—

29Orders and regulations.

1

Any power to make an order or regulations conferred on the Treasury by any provision of this Act shall be exercisable by statutory instrument.

2

A statutory instrument made under this Act shall be subject to annulment in pursuance of a resolution of either House of Parliament.

288

Section 30 ceases to have effect.

289

In section 31(2)—

a

for the words “70 to” there is substituted “70A, 71, 72 and”, and

b

the words“, meaning of “chief registrar”, etc.” are omitted.

290

In section 32—

a

in subsection (1)(a) for the words from “Wales” to “assistant registrar for Scotland” there is substituted “Wales, or (as the case may be) Scotland, to credit unions registered by the Authority”,

b

in subsection 1(b) for the words “at the central office or by the assistant registrar for Scotland” there is substituted “by the Authority”, and

c

in subsection (2)(b) for the words “chief registrar, the central office and the assistant registrar for Scotland” there is substituted “Authority”.

291

In Schedule 2—

a

for the words “chief registrar”, wherever they appear, there is substituted “Authority”,

b

in paragraph 1 for the words “he” and “him”, wherever they appear, there is substituted “it”,

c

in paragraph 2—

i

for the words “he” and “him”, wherever they appear, there is substituted “the Authority”, and

ii

for the word “it” there is substituted “the credit union”,

d

in paragraph 3(2) for the word “he” there is substituted “it”, and

e

in paragraph 6 for the word “him” there is substituted “it”.