# Financial Services Act 1986 (repealed), Paragraph 22C

Extent: E+W+S+N.I.

(1) A recognised self-regulating organisation for friendly societies may on the application of a society which is a member of the organisation—
(a) modify a rule or regulation designated under paragraph 22B so as to adapt it to the circumstances of the society or to any particular kind of business carried on by it, or
(b) dispense the society from compliance with any such rule or regulation, generally or in relation to any particular kind of business carried on by it.
(2) The powers conferred by this paragraph shall not be exercised unless it appears to the organisation—
(a) that compliance with the rule or regulation in question would be unduly burdensome for the applicant having regard to the benefit which compliance would confer on investors, and
(b) that the exercise of those powers will not result in any undue risk to investors.
(3) The powers conferred by this paragraph may be exercised unconditionally or subject to conditions; and paragraph 22B(3) applies in the case of a contravention of a condition as in the case of contravention of a designated rule or regulation.
(4) The reference in paragraph 4(1) of Schedule 2 as applied by paragraph 4 above (requirements for recognition of self-regulating organisation for friendly societies) to monitoring and enforcement of compliance with rules and regulations includes monitoring and enforcement of compliance with conditions imposed by the organisation under this paragraph.

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Source: https://www.legislation.gov.uk/ukpga/1986/60/schedule/11/paragraph/22C (the official version)
Page: https://openlegislation.uk/financial-services-act-1986-repealed/schedule-11/paragraph-22C
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.