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Section 1 Functions of the Financial Conduct Authority and the Prudential Regulation Authority in relation to friendly societiesF1F6

United Kingdom

(1)

The F2Financial Conduct Authority (“the FCA”) has the following functions under this Act and the 1974 Act in relation to friendly societies—

(a)

to secure that the purposes of each friendly society are inconformity with this Act and any other enactment regulating the purposes of friendly societies;

(b)

to administer the system of regulation of the activities of friendly societies provided for by or under this Act and the 1974 Act; and

(c)

to advise and make recommendations to the Treasury and other government departments on any matter relating to friendly societies.

(F31A)

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

(2)

The F4FCA and the PRA also have, in relation to such societies, the other functions conferred on F5them respectively by or under this Act or any other enactment.

Annotations

Textual amendments

F1

Pt. 1 (s. 1) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) for Pt. 1 (ss. 1-4) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 Pt. 1 para. 54 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F2

Words in s. 1(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 3(2) (with Sch. 12)

F3

S. 1(1A) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 3(3) (with Sch. 12)

F4

Words in s. 1(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 3(4)(a) (with Sch. 12)

F5

Words in s. 1(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 3(4)(b) (with Sch. 12)

F6

S. 1 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 3(5) (with Sch. 12)

Notes on Part I

Textual amendments

F2

Words in Pt. 1 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 2 (with Sch. 12)