Section 17A Section 17: recovery of FCA ’s and PRA ’s costsF1

(1)

This section applies where the FCA or PRA has exercised its powers under section 17 in relation to a credit union.

(2)

The FCA or PRA may, if it considers it just to do so, direct that the expenses incurred by it in exercising the powers (or any part of those expenses) are to be met—

(a)

out of the credit union’s funds, or

(b)

by the credit union’s officers or former officers (or any of them).

(3)

Any sum which the credit union or other person is required by a direction to pay is a debt due from the credit union or person to the FCA or PRA .

Annotations

Textual amendments

F1: Ss. 17, 17A substituted (6.4.2014) for s. 17 by The Co-operative and Community Benefit Societies and Credit Unions (Investigations) Regulations 2014 (S.I. 2014/574), regs. 1(1), 5 (with reg. 8)

Notes on Powers of FCA and PRA

Textual amendments

F1: Words in s. 17 cross-heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 6 para. 10 (with Sch. 12)