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Section 1 Functions of the Financial Conduct Authority and the Prudential Regulation Authority in relation to building societies.F1F8

United Kingdom

(1)

F2The FCA has the following functions under this Act in relation to building socities—

F3(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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.

(F41A)

The PRA has the following functions under this Act in relation to building societies—

(a)

to secure that the principal purpose of building societies remains that of making loans which are secured on residential property and are funded substantially by their members;

(b)

to administer the system of regulation of building societies provided by or under this Act, but only in so far as sections 5, 6, 7 F5and 9A confer functions on the PRA; and

(c)

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

(2)

The F6FCA and the PRA also have , in relation to such societies, the other functions conferred on F7them respectively by or under this Act or any other enactment.

Annotations

Textual amendments

F1

Pt. I (s. 1) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) for Pt. I (ss. 1-4) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 132 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F2

Words in s. 1(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(2)(a) (with Sch. 12)

F3

S. 1(1)(a) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(2)(b) (with Sch. 12)

F4

S. 1(1A) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(3) (with Sch. 12)

F5

Words in s. 1(1A)(b) substituted (26.3.2015) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 9 para. 4(3)(a); S.I. 2015/428, art. 2

F6

Words in s. 1(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(4)(a) (with Sch. 12)

F7

Word in s. 1(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(4)(b) (with Sch. 12)

F8

Words in s. 1 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(5) (with Sch. 12)

Notes on Part I

Textual amendments

F1

Pt. I (s. 1) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) for Pt. I (ss. 1-4) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. II, para. 132 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(a)

F2

Word in Pt. I heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 2 (with Sch. 12)