Regulation 3 Persons who and bodies which may establish schemes

(1)

Without prejudice to any other requirements of the Act or regulations made thereunder—

(a)

an arrangement such as is described in regulation 2(a) which is established by a Friendly Society can be an appropriate scheme only if paragraph (2) applies to that Friendly Society; and

(b)

an arrangement such as is described in regulation 2(c) can be an appropriate scheme only if it is established by a person to whom or a body to which paragraph (3) applies.

(2)

This paragraph applies to a Friendly Society which—

(a)

is authorised by virtue of Chapter III of Part I of the Financial Services Act 1986; and

(b)

has disclosed in its audited accounts a contributions income of not less than £300,000 in the year 1986 and £400,000 in the year 1987.

(3)

This paragraph applies to—

(a)

a building society as defined in the Building Societies Act 1986^f1;

(b)

a bank recognised under the Banking Act 1979^f2;

(c)

a deposit taker licensed under the Banking Act 1979.

Annotations

Footnotes

f1: 1986 c. 53.
f2: 1979 c. 37.