{
  "url": "https://openlegislation.uk/financial-services-act-1986-transfer-of-functions-relating-to-friendly-societies-transitional-provisions-order-1987/note",
  "json_url": "https://openlegislation.uk/financial-services-act-1986-transfer-of-functions-relating-to-friendly-societies-transitional-provisions-order-1987/note.json",
  "legislation": "uksi/1987/2069",
  "legislation_title": "The Financial Services Act 1986 (Transfer of Functions Relating to Friendly Societies) (Transitional Provisions) Order 1987",
  "legislation_url": "https://openlegislation.uk/financial-services-act-1986-transfer-of-functions-relating-to-friendly-societies-transitional-provisions-order-1987",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThis Order makes a transitional provision in connection with the transfer of most of the Chief Registrar’s functions under the Financial Services Act 1986 (“the Act”) to the Securities and Investments Board Limited (“SIB”): that transfer was made by the Financial Services Act 1986 (Transfer of Functions Relating to Friendly Societies) Order 1987 (S.I. 1987/925).\nUnder paragraph 3(1) of Schedule 2 to the Act when SIB considers an application for recognition by a self-regulating organisation for friendly societies, it has to apply to that organisation’s rules a test of equivalence to its own rules and regulations, in terms of investor protection. This Order provides that for a transitional period (i.e. before 3rd October 1988), the equivalence requirement shall not be treated as unsatisfied by reason only of the fact that a contravention of the rules of the organisation is not actionable by a person who has suffered loss as a result of that contravention. This complements articles 3 and 4 of the Financial Services Act 1986 (Commencement) (No. 6) Order 1987 (S.I. 1987/1997.) which provide that paragraph 22(4)(d) of Schedule 11 to the Act should not come into force until 3 October 1988: that paragraph provides that a contravention of rules by a member of a self-regulating organisation for friendly societies shall be actionable by a person who has suffered loss as a result.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1987/2069/note",
    "retrieved_at": "2026-10-29T16:16:33.436371+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}