Paragraph 3

(1)

Section 1^f1 (functions in relation to friendly societies) is amended as follows.

(2)

In subsection (1), for “Financial Services Authority (“the Authority”)” substitute “Financial Conduct Authority (“the FCA”)”.

(3)

After subsection (1), insert—

“(1A)
The function in subsection (1)(c) is also a function of the Prudential Regulation Authority (“the PRA”).”.

(4)

In subsection (2)—

(a)

for “Authority also has” substitute “FCA and the PRA also have”; and

(b)

for “it” substitute “them respectively”.

(5)

For the heading, substitute “Functions of the Financial Conduct Authority and the Prudential Regulation Authority in relation to friendly societies”.

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