Explanatory note
(This note is not part of the Order)
This Order transfers, with two exceptions, the functions of the Chief Registrar of Friendly Societies under the Financial Services Act 1986 which are capable of being transferred under paragraph 28 of Schedule 11 to that Act to The Securities and Investments Board Limited. These functions include that of making a recognition order in respect of a self-regulating organisation for friendly societies, and that of making rules governing the conduct of business by regulated friendly societies.
The two functions which are not transferred by this Order are—
the function of making rules concerning indemnity against any claim in respect of any description of civil liability incurred by a regulated friendly society (under paragraph 17 of Schedule 11 to the Act); and
the function of revoking a recognition order in respect of a self-regulating organisation for friendly societies on the ground that the organisation’s rules do not take proper account of friendly societies legislation (the power to revoke a recognition order is under paragraph 5 of Schedule 11 to the Act).