Paragraph 42

(1)

Section 98^f1 (transfers of business: supplementary provisions) is amended as follows.

(2)

In subsection (1A), for “Authority” substitute “FCA and, if the society is a PRA-authorised person, the PRA”.

(3)

In subsection (2), for “Authority” substitute “appropriate authority”.

(4)

In subsection (3)—

(a)

for “Authority”, in each place, substitute “appropriate authority”; and

(b)

for “Part IV” substitute “Part 4A”.

(5)

In subsections (4) and (5), for “Authority”, in each place, substitute “appropriate authority”.

(6)

After subsection (8), insert—

“(9)
The PRA must consult the FCA before confirming a transfer or giving a direction under this section.

(10)
The PRA must—

(a)
notify the FCA it if confirms a transfer; and

(b)
send the FCA a copy of any direction it gives.”.

Annotations

Footnotes

f1: Section 98 was S.I. 2001/2617. There are other amending instruments, but none is relevant.