Statutory Instrument 2001 No. 2617

The Financial Services and Markets Act 2000 (Mutual Societies) Order 2001

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© Crown Copyright 2001

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Interpretation
     3.  - (1) In this Order - 

"the 2000 Act" means the Financial Services and Markets Act 2000,

"assistant registrar" means an assistant registrar of friendly societies for the central registration area,

"the assistant registrar for Scotland" means the assistant registrar of friendly societies for Scotland,

"the Board" means the Building Societies Investor Protection Board,

"building society" has the same meaning as in the Building Societies Act 1986[2],

"the central office" means the central office of the registry of friendly societies,

"the central registration area" means the area defined by section 4(1)(a) of the Friendly Societies Act 1974[3] (as it had effect immediately before its repeal by the 2000 Act),

"the Chief Registrar" means the Chief Registrar of friendly societies,

"commencement" means the beginning of the day on which section 19 of the 2000 Act comes into force,

"enactment" includes an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978[4], and

"the last period" means the period beginning with 1st April 2001 and ending at commencement.

    (2) In this Order, "transferred function" means any function transferred by article 4 and, in relation to any transferred function, "transferor" means the person from whom the function is transferred and "transferee" means the person to whom it is transferred.

    (3) In this Order, unless the context otherwise requires, any reference to an article by number alone is a reference to the article so numbered in this Order.

are transferred to the Authority, subject to any repeal or amendment made by any provision of this Order or by any other provision of or made under the 2000 Act.

    (3) Schedule 2 makes provision about the application of the 2000 Act in relation to functions transferred (or to be transferred) to the Authority by paragraph (2) above.

    (4) For the purposes of the Transfer of Undertakings (Protection of Employment) Regulations 1981[5], paragraph (2) above is to be regarded as giving rise to the transfer of an undertaking by virtue of each of sub-paragraphs (a), (b) and (c) of that paragraph, whether or not it would otherwise be so regarded.

Consequential and transitional provisions in relation to transferred functions
     5.  - (1) The transfer of any function by virtue of article 4 does not affect the validity of anything done before commencement - 

(a) by the transferor in the exercise of the transferred function, or

(b) by any other person in relation to the exercise by the transferor of the transferred function,

and any such thing is to have effect for all purposes as if done by (or, as the case may be, in relation to the exercise of the function by) the transferee.

    (2) Paragraph (1) also has effect in relation to anything which is in the process of being done at commencement, and any such thing may be carried on and completed by (or, as the case may be, in relation to the exercise of the function by) the transferee.

    (3) If, at commencement, a transferor is a party to any legal proceedings in relation to its exercise of any transferred function, the transferee is substituted for the transferor in those proceedings.

    (4) If, at commencement, a transferor holds any monies which have been deposited with the transferor as security for any costs in relation to its exercise of any transferred function, the monies are transferred to the transferee at commencement to be held for the same purpose and on the same terms.

    (5) This article has effect subject to any transitional provision or saving contained in Schedule 5 to this Order or in any other provision made under the 2000 Act.

Requirements to provide documents etc.
     6.  - (1) Paragraph (2) applies where, by virtue of any provision of or made under any enactment, a person ("A") other than a transferor was before commencement required or entitled - 

(a) to provide any account, application, list, notice, plan, report, return, or any other document or material (including a copy of any document or material),

(b) to give any explanation or provide any other information, or

(c) to notify, report on, or make representations or a statement on, any matter,

to any transferor, or to any other person ("B") on behalf of any transferor, in connection with the exercise by the transferor of any function which is transferred by article 4(2) to the Authority, but had not provided that document or material, given that explanation or information, or notified, reported on or made representations on that matter, before commencement.

    (2) After commencement A is required or (as the case may be) entitled to provide that document or material, to give that explanation or information, or to notify, report on, or make representations on, that matter, to the Authority (or, as the case may be, to B on behalf of the Authority), but otherwise in the same form and containing the same particulars as would have been required before commencement.

    (3) Paragraph (1) has effect no matter how the requirement or entitlement is expressed.

    (4) Where the requirement or entitlement mentioned in paragraph (1) was subject to any provision requiring A to comply with the requirement or exercise the entitlement within a specified time (however expressed), that provision continues to apply in relation to the requirement imposed or entitlement given by paragraph (2), and the time period is to be treated as continuing to run without interruption.

    (5) Where any person does anything after commencement in compliance with paragraph (2) in relation to which, if that thing had been done before commencement, a fee would have been payable to the transferor, he is required to pay that fee to the Authority, and the fee (insofar as it is not so paid) may be recovered by the Authority as a debt due to it.

    (6) This article is without prejudice to the generality of article 5(1) and (2).

    (7) This article has effect subject to any transitional provision or saving contained in Schedule 5 to this Order or in any other provision made under the 2000 Act.

Consequential modification of non-statutory provisions
     7.  - (1) Where a relevant provision is predicated on the continuing exercise of any transferred function by the transferor, any reference in the provision to the transferor has effect, in relation to any time after commencement, as a reference to the transferee.

    (2) Paragraph (3) applies where - 

(a) a relevant provision contains a requirement for consent to be given by the Building Societies Commission before the repayment by a building society of any sum owed by it, and

(b) the requirement was included in the relevant provision so as to comply with the terms of - 


(i) an order made under section 45(5) of the Building Societies Act 1986 as that section had effect before the coming into force of section 21 of the Building Societies Act 1997[6],

(ii) an order made under section 119(1) of the Building Societies Act 1986[7], or

(iii) guidance issued by the Building Societies Commission pursuant to section 45AA of that Act[8].

    (3) Unless the context otherwise requires, the requirement has effect, in relation to any time after commencement, as a requirement for consent to be given by the Authority.

    (4) Paragraph (5) applies where a relevant provision prohibits the payment or crediting of interest on any sum owed by a building society if the board of directors of the society is of the opinion that - 

(a) there has been a failure on the part of the society to satisfy a criterion of prudent management, set out in section 45(3) of the Building Societies Act 1986[9] as it had effect at any time before commencement, relating to the maintenance of adequate reserves and other capital resources, or

(b) there would be such a failure if the interest was paid or credited.

    (5) Unless the context otherwise requires, any reference in that provision to that criterion has effect, in relation to any time after commencement, as a reference to the condition set out in paragraph 4(1) of Schedule 6 to the 2000 Act (adequate resources).

    (6) "Relevant provision" means a provision which - 

(a) is contained in the rules of a building society, friendly society or industrial and provident society, or in any other contract, deed or document other than an enactment, and

(b) has effect before, as well as after, commencement,

but for the purposes only of paragraph (1) above also includes a provision in any document which is provided to the Authority after commencement pursuant to article 6(2).

Anticipatory exercise of powers
     8.  - (1) This article applies where by virtue of any amendment made by Schedule 3 to this Order - 

(a) the Authority will, with effect from commencement, have power to make rules, or have power to give directions as to the form of or particulars to be included in any document or as to the manner in which any application is to be made, or

(b) the Treasury will, with effect from commencement, have power to make any rules, order or regulations.

    (2) Where this article applies, the Authority or the Treasury (as the case may be) may exercise the power referred to in paragraph (1) before commencement for the purposes of bringing the rules, directions, order or regulations into effect at commencement.

    (3) In exercising any power before commencement by virtue of paragraph (2), the Authority or the Treasury (as the case may be) are to be treated as being subject to the same requirements or conditions, as to the procedure to be followed in exercising the power or otherwise, as would apply in relation to the exercise of that power if this Order were fully in force.

is used only in connection with any functions of the Authority in relation to building societies or, to the extent that it is not so used, is applied for the benefit of building societies.

The Friendly Societies Commission
     10.  - (1) As soon as practicable after commencement, the Friendly Societies Commission must lay before the Treasury and before Parliament a report on the discharge of its functions during the last period.

    (2) Before the end of the period of seven months beginning at commencement, the Friendly Societies Commission must send to the Treasury and to the Comptroller and Auditor General a statement of accounts in respect of the last period.

    (3) The Comptroller and Auditor General must examine, certify and report on the statement of accounts received by him from the Friendly Societies Commission under paragraph (2), and lay a copy of the statement and of his report before Parliament.

    (4) The Friendly Societies Commission is to cease to exist on the day after the first day on which paragraphs (1) and (3) have both been complied with.

    (5) Immediately before the Friendly Societies Commission ceases to exist by virtue of paragraph (4), all assets, rights and liabilities which at that time are held or enjoyed by the Commission, or to which at that time it is subject, are transferred to the Treasury, except as provided in paragraphs (7) and (9).

    (6) Paragraph (7) applies in relation to income received by the Friendly Societies Commission under section 2 of the Friendly Societies Act 1992[10], in respect of the last period or in relation to applications submitted to it during the last period ("relevant income").

    (7) Insofar as relevant income is not applied before commencement in accordance with section 2 of the Friendly Societies Act 1992 towards expenses of the Commission, it is to be paid to the Authority.

    (8) Paragraph (9) applies where, before commencement - 

(a) any fee or charge, or any sum in respect of costs or expenses, was payable to the Friendly Societies Commission, but

(b) that fee, charge or sum, or any part of it, was not so paid ("the unpaid sum").

    (9) Notwithstanding any amendment, repeal or revocation made by this Order or by any other provision of or made under the 2000 Act, the unpaid sum is payable after commencement to the Authority in substitution for the Commission and (insofar as it is not so paid) may be recovered by the Authority as a debt due to it.

    (10) The Authority must, so far as practicable, ensure that - 

(a) relevant income paid to it in accordance with paragraph (7), and

(b) any sum paid to it or recovered by it in accordance with paragraph (9),

is used only in connection with any functions of the Authority in relation to friendly societies or, to the extent that it is not so used, is applied for the benefit of friendly societies.

The Building Societies Investor Protection Board
     11.  - (1) As soon as practicable after commencement, the Board must prepare - 

(a) a report on the discharge of its functions during the last period, and

(b) a statement of accounts showing the state of affairs and income and expenditure of the Board in respect of the last period.

    (2) The statement of accounts must be audited by auditors appointed by the Board and the auditors must report to the Board stating whether in their opinion the provisions of paragraph 6(2) of Schedule 5 to the Building Societies Act 1986 (as it had effect immediately before its repeal by this Order) were complied with in respect of the last period.

    (3) As soon as practicable after paragraphs (1) and (2) above have been complied with, the Board must publish, in such manner as it thinks appropriate, the report prepared in accordance with paragraph (1)(a) and the statement of accounts prepared in accordance with paragraph (1)(b).

    (4) The Board is to cease to exist on the day after paragraph (3) is complied with.

The Chief Registrar, assistant registrar for Scotland, and assistant registrars
     12.  - (1) As soon as practicable after the Building Societies Commission and the Friendly Societies Commission have ceased to exist by virtue of articles 9 and 10, the Chief Registrar must lay before Parliament a report of his proceedings and those of the assistant registrar for Scotland and the assistant registrars, of the principal matters transacted by him and them, and of the valuations returned to him or them, in relation to the period beginning with 1st October 2001 and ending at commencement.

    (2) The report which the Chief Registrar is required to make by virtue of paragraph (1) may be combined with the report which he is required to make pursuant to section 6(1) of the Friendly Societies Act 1974[11] in respect of the year ending 30th September 2001.

    (3) The office of Chief Registrar, the office of assistant registrar for Scotland, and the offices of assistant registrar are to cease to exist on the day after paragraph (1) is complied with.

    (4) Immediately before the offices mentioned in paragraph (3) cease to exist by virtue of that paragraph, all assets, rights and liabilities which at that time attach to those offices (including records maintained or held by, and any other assets, rights and liabilities of, the central office) are transferred to the Treasury.

(a) "mutuals expenditure" means expenditure of the Authority incurred - 


(i) in carrying out relevant functions, or for any purpose incidental to the carrying out of relevant functions, or

(ii) in repaying the principal of, or paying any interest on, any money which it has borrowed and which has been used for the purpose of meeting expenses incurred in relation to its assumption of relevant functions,



(b) "the mutuals legislation" means the Friendly Societies Act 1974[24], the Building Societies Act 1986[25], the Friendly Societies Act 1992[26], and the enactments relating to industrial and provident societies and credit unions referred to in section 338(1),

(c) "relevant functions" means functions transferred to the Authority by virtue of article 4(2) (and includes, in relation to any time before commencement, such functions as they are to be transferred with effect from commencement), and

(d) any reference to a section or Schedule is a reference to that section or Schedule in the 2000 Act.



General

     2. For the purposes of section 1(3) and Schedule 1[27] (which make general provision in relation to the Authority and its functions), relevant functions are to be treated as functions conferred on the Authority under a provision of the 2000 Act.

     3. If the Authority maintains arrangements designed to enable it to determine whether persons are complying with requirements imposed on them by or under the mutuals legislation, paragraph 6(2) of Schedule 1 (which permits functions to be performed by a body or person other than the Authority) applies to those arrangements as it applies to arrangements of the kind mentioned in paragraph 6(1) of that Schedule, but does not affect the Authority's responsibility for relevant functions or for any other matter under the mutuals legislation.

     4. The Authority's determination of the general policy and principles by reference to which it performs relevant functions is not to be treated as a general function of the Authority by virtue of subsection (4)(d) of section 2 (functions of the Authority to which the Authority's general duties apply).

     5. Section 8 (which requires the Authority to make arrangements for consulting consumers and practitioners on its general policies and practices) does not apply in relation to the Authority's general policies and practices with respect to the exercise of relevant functions.

     6. In the application of section 12 (which makes provision for reviews of the economy, efficiency and effectiveness with which the Authority has used its resources in discharging its functions) to relevant functions, section 12(3) is to be read as if, for the words from "pursuing" to the end there were substituted "exercising its functions".

     7. For the purposes of section 159(1)[28] (interpretation of Chapter III of Part X), relevant functions are not to be treated as functions under the 2000 Act.

     8. For the purposes of section 415 (jurisdiction in civil proceedings), relevant functions are to be treated as functions of the Authority under the 2000 Act.

(a) makes (or proposes to make) rules under paragraph 17(1) of Schedule 1 which require the payment to the Authority of fees which relate in whole or in part to mutuals expenditure, or

(b) designates any provisions in accordance with article 4 of the Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Rules) Order 2001[29] with a view to their having effect after commencement as such rules.

     10. In the application of paragraph 17(1) of Schedule 1 to the rules, the reference to fees and charges provided for by any other provision of the 2000 Act includes a reference to fees and charges provided for by any provision of the mutuals legislation.

     11. To the extent that the fees relate to mutuals expenditure - 

(a) the making of the rules is not to be treated as a general function of the Authority by virtue of subsection (4)(a) of section 2 (functions of the Authority to which the Authority's general duties apply),

(b) section 155(2)(c) (requirement to include in consultation a statement that rules are compatible with general duties) (or, in any case covered by paragraph 9(b) above, article 4(2)(f) of the Order referred to in that paragraph) does not apply in relation to the rules, and

(c) the rules are not to be treated as regulating provisions for the purposes of section 159(1) (interpretation of Chapter III of Part X).

Guidance

     12. For the purposes of sections 157(3) and 158(5) (guidance to regulated persons generally), guidance given to building societies, friendly societies and industrial and provident societies generally or to a class of such societies is to be treated as if given to regulated persons generally or to a class of regulated persons, whether or not those societies would otherwise be "regulated persons" within the meaning of those sections.

     13. Paragraph 14 applies where guidance is given by the Authority under section 157 on the operation of a rule of the kind mentioned in paragraph 9 above (whether made as mentioned in sub-paragraph (a) of that paragraph, or designated as mentioned in sub-paragraph (b) of that paragraph).

     14. To the extent that the fees required to be paid by the rule relate to mutuals expenditure - 

(a) the giving of the guidance is not to be treated as a general function of the Authority by virtue of subsection (4)(c) of section 2 (functions of the Authority to which the Authority's general duties apply),

(b) section 155(2)(c) (requirement to include in consultation a statement that rules are compatible with general duties) does not apply in relation to the guidance, and

(c) the guidance is not to be treated as a regulating provision for the purposes of section 159(1) (interpretation of Chapter III of Part X).

     15. Paragraphs 16 and 17 apply where general guidance is given by the Authority under section 157 with respect to any matter relating to relevant functions, or with respect to any provision of or made under the mutuals legislation, unless paragraph 14 above applies.

     16. The giving of the guidance is not to be treated as a general function of the Authority by virtue of subsection (4)(c) of section 2 (functions of the Authority to which the Authority's general duties apply).

     17. The guidance is not to be treated as a regulating provision for the purposes of section 159(1) (interpretation of Chapter III of Part X).

(a) in subsection (1) for the word "registrar" there is substituted "Authority", and

(b) in subsection (2) the words from "in the" to the end are omitted.

     4. In section 15A(1)[32] for the word "registrar" there is substituted "Authority".

     5. In section 16[33] - 

(a) for subsection (1) there is substituted - 

    " (1) If the Authority refuses to register a branch, the branch may appeal to the High Court or, in the case of a branch whose registered office is to be situated in Scotland, the Court of Session.", and

(b) in subsection (2) - 


(i) for the word "registrar" there is substituted "Authority", and

(ii) for the words "section 15" there is substituted "section 15A".

     6. In section 18 - 

(a) for the word "registrar", wherever it appears, there is substituted "Authority", and

(b) in subsection (2)(b) for the word "he" there is substituted "the Authority".

     7. In section 19 for the word "registrar" there is substituted "Authority".

     8. In section 20 - 

(a) for subsection (1) there is substituted - 

    " (1) If the Authority refuses to register an amendment of a rule of a registered society or branch, the society or branch may appeal to the High Court or, in the case of a society or branch whose registered office is situated in Scotland, the Court of Session.", and

(b) in subsection (2) for the word "registrar" there is substituted "Authority".

     9. In section 24[34], for the word "registrar", wherever it appears, there is substituted "Authority".

     10. In section 30A(11)[35] for the word "registrar" there is substituted "Authority".

     11. In section 31 - 

(a) in subsection (2) the words "(not being a collecting society or branch thereof)" are omitted, and

(b) in subsection (5) for the words "Chief Registrar, with the consent of the Treasury," there is substituted "Treasury".

     12. In section 32 - 

(a) for the word "registrar", wherever it appears, there is substituted "Authority", and

(b) in subsection (3)(b) for the word "him", both times it appears, there is substituted "the Authority".

     13. In section 32A(4) and (5)(b) for the word "registrar" there is substituted "Authority".

     14. In section 35(5) for the words "registered in" there is substituted "whose registered office is situated in".

     15. In section 36, subsections (2) and (3) are omitted.

     16. In section 39C - 

(a) in the side-note for the word "Registrar's" there is substituted "Authority's",

(b) in subsections (1) and (2) for the word "registrar" there is substituted "Authority", and

(c) in subsection (1)(b) for the word "him", both times it appears, there is substituted "the Authority".

     17. In section 40(1) the words "Chief Registrar with the consent of the" are omitted.

     18. In section 41 - 

(a) in subsection (1) - 


(i) for the word "registrar" in paragraph (b) there is substituted "Authority", and

(ii) for the words "Chief Registrar may prescribe", there is substituted "Authority may direct",



(b) in subsection (3) for the word "registrar", both times it appears, there is substituted "Authority",

(c) in subsection (5) - 



(i) for the words "Chief Registrar" there is substituted "Authority", and

(ii) for the word "he" there is substituted "it", and



(d) in subsection (6) - 



(i) for the words "Chief Registrar" there is substituted "Authority",

(ii) for the word "his" there is substituted "the Authority's", and

(iii) in paragraph (b) for the word "registrar" there is substituted "Authority".

     19. In section 42 - 

(a) in the side-note the words "of Chief Registrar" are omitted,

(b) in subsections (1) and (2) for the words "Chief Registrar" there is substituted "Treasury",

(c) in subsection (2)(a) and (b) for the word "registrar" there is substituted "Authority",

(d) subsection (3) is omitted,

(e) in subsection (4) - 


(i) for the words "Chief Registrar" there is substituted "Authority",

(ii) for the word "he" there is substituted "the Authority", and

(iii) in paragraphs (b)(i) and (b)(ii) for the word "registrar" there is substituted "Authority", and



(f) in subsection (5) - 



(i) for the words "Chief Registrar" there is substituted "Authority", and

(ii) for the word "him" there is substituted "it".

     20. In section 43[36] - 

(a) in subsections (1), (2) and (5) for the word "registrar" there is substituted "Authority", and

(b) in subsection (6) for the words "Chief Registrar may prescribe", there is substituted "Authority may direct".

     21. In section 47[37] - 

(a) in subsection (1) for the words "Chief Registrar" there is substituted "Treasury", and

(b) subsections (3) and (4) are omitted.

     22. In section 55(1) for the words "registered at the central office" there is substituted "which is registered by the Authority and the registered office of which is situated in England and Wales,".

     23. Section 65[38] ceases to have effect.

     24. In section 65A[39] - 

(a) in subsection (7) for the words "registrar or the Commission" there is substituted "Authority", and

(b) in subsection (8) for the word "Commission" there is substituted "Treasury".

     25. In section 76[40] - 

(a) in subsection (1) for the words "subsection (3A)" there is substituted "subsections (3A) to (3C)", and

(b) after subsection (3B) there is inserted - 

    " (3C) If the rules contain directions by virtue of which a dispute would fall to be determined by the Authority, the dispute shall instead be referred to the county court or, in Scotland, to the sheriff for determination.".

     26. In section 81(1) for the words from "Chief Registrar" to the end there is substituted "Authority".

     27. In section 82(5)[41] for the words from "Chief Registrar" to the end there is substituted "Authority".

     28. Section 83[42] ceases to have effect.

     29. In section 84[43] - 

(a) in subsection (2) - 


(i) for the words "at the central office" there is substituted "by the Authority",

(ii) for the words "central office", the second time they appear, there is substituted "Authority", and



(b) in subsection (3) for the words from "Chief Registrar" to the end there is substituted "Authority".

     30. In section 84A(6)[44] for the words from "Chief Registrar" to the end there is substituted "Authority".

     31. In section 85 - 

(a) in subsections (3) and (4) for the word "registrar" there is substituted "Authority", and

(b) in subsection (4) for the word "he" there is substituted "it".

     32. In section 86[45] - 

(a) in subsection (2) for the words "Chief Registrar" there is substituted "Treasury",

(b) in subsection (3) - 


(i) for the words "central office" there is substituted "Authority", and

(ii) for the words "registered there" there is substituted "registered by it", and



(c) in subsection (4) - 



(i) for the words "central office" the first time they appear, there is substituted "Authority", and

(ii) for the words "at the central office" there is substituted "by the Authority".

     33. In section 87[46] for the word "Commission", where it appears in the side-note and both times it appears in subsection (1), there is substituted "Authority".

     34. In section 90[47] - 

(a) for the words - 


(i) from "Chief Registrar" to "for Scotland," in subsection (1),

(ii) "Chief Registrar" in subsection (3), and

(iii) "Chief or assistant registrar" in subsections (4), (5) and (7),



there is substituted "Authority", and

(b) in subsection (4) for the word "he" there is substituted "it".

     35. In section 91[48] - 

(a) for subsection (1) there is substituted - 

    " (1) Subject to the following provisions of this section, the Authority may by notice in writing cancel the registration of a society - 


(a) at the request of the society, if the Authority thinks fit; or

(b) if the Authority is satisfied that - 


(i) an acknowledgement of registration has been obtained by fraud or mistake;

(ii) the society exists for an unlawful purpose;

(iii) the society has wilfully and after notice from the Authority violated any provision of this Act;

(iv) the society has ceased to exist; or

(v) in the case of a society to which section 37(2) or (3) of the 1992 Act applies, the principal place of business of the society is outside the British Islands.



    (1A) The request mentioned in subsection (1)(a) must be evidenced in such way as the Authority may direct.",

(b) in subsection (2), for the words from "paragraph (b)" to "hand," there is substituted "any of sub-paragraphs (i) to (iv) of subsection (1)(b) above in which the Authority might cancel the registration of a society, it may by notice in writing",

(c) in subsection (3), for the words "Chief or assistant registrar before its" there is substituted "Authority before the society's", and

(d) in subsection (5), for the words from "Chief" to "hand" there is substituted "Authority may by notice in writing".

     36. In section 92(2), for paragraphs (a) and (b) there is substituted "to the High Court or, in the case of a society whose registered office is situated in Scotland, to the Court of Session.".

     37. In section 93(1)(c)[49] - 

(a) for the words "Chief Registrar" there is substituted "Authority", and

(b) the words "of the Commission under" are omitted.

     38. In section 94 - 

(a) in subsection (2)(d) for the words "Chief Registrar", and

(b) in subsections (4) and (7) for the word "registrar",

there is substituted "Authority".

     39. In section 95[50] - 

(a) in subsection (1) for the words from "Chief Registrar", the first time they appear, to "investigate", there is substituted "Authority may appoint one or more competent persons to conduct an investigation on its behalf into",

(b) for the words - 


(i) "Chief Registrar", wherever they appear in subsections (3) and (4), and

(ii) "central office" in subsection (6),



there is substituted "Authority",

(c) for the word "he", wherever it appears in subsections (3) and (4), there is substituted "it",

(d) in subsection (4) for the word "his" there is substituted "its", and

(e) subsection (5) is omitted.

     40. In section 95A[51] - 

(a) for the word "Commission", wherever it appears in subsections (1) and (2), there is substituted "Authority",

(b) subsection (3) is omitted, and

(c) in subsection (4) for the words from "Commission" to "office", the second time it appears, there is substituted "Authority".

     41. In section 97(1) and (2)[52], for the word "registrar" there is substituted "Authority".

     42. In section 98[53] - 

(a) in subsection (1)(b), for the words "Chief or an assistant registrar" there is substituted "Authority",

(b) in subsection (2) the words from "or to any" to the end are omitted,

(c) in subsection (7) - 


(i) for the words from "Chief Registrar" to "procurator fiscal" there is substituted "Authority or by the Lord Advocate", and

(ii) for the word "registrar", the last time it last appears, there is substituted "Authority (or the Lord Advocate, as the case may be)", and



(d) subsection (8) is omitted.

     43. In section 99[54] - 

(a) after subsection (4) there is inserted - 

    " (4A) In the application of subsection (4) above to Scotland, the word "summarily" is to be omitted.", and

(b) in subsection (6) - 


(i) the words ", and in the central registration area only by," are omitted, and

(ii) for paragraph (c) there is substituted - 


" (c) in any case, by any member of the society or branch authorised by the Authority; or

(d) except in Scotland, by the Authority;


and (except in Scotland) no other person may institute such proceedings.".

     44. In section 101 - 

(a) in subsection (1) for the words "Chief Registrar or any assistant registrar" there is substituted "Authority",

(b) at the end of subsection (1) there is inserted - 

    " (1A) In the application of subsection (1) to Scotland, the reference to the Authority is to be read as a reference to the Lord Advocate.", and

(c) in subsection (2) for the words "Chief or any assistant registrar" there is substituted "Authority".

     45. For section 104 there is substituted - 

" Fees for inspection or copying of documents.
     104A. Before the Authority allows any person to inspect any document held by it in connection with this Act, or provides any person with a copy of any such document (or part of such document), it may charge that person a reasonable fee.".

     46. In section 109 - 

(a) in subsection (1) - 


(i) in paragraph (b) for the words "for registration" there is substituted "by the Authority for the registration of any society or document (including any amendment to any document) under this Act, the Industrial and Provident Societies Act 1965, the Building Societies Act 1986, or the Friendly Societies Act 1992, or otherwise for sealing any document for the purposes of this Act or any of those Acts",

(ii) in paragraph (c) for the word "registrar" there is substituted "Authority under this Act", and

(iii) in paragraph (d) for the word "registrar" there is substituted "Authority",



(b) in subsection (2) - 



(i) for the words ", the Secretary of State or the Chief Registrar" there is substituted "or the Secretary of State", and

(ii) the words "9 or" are omitted, and



(c) subsection (3) is omitted.

     47. In section 110[55] - 

(a) for subsections (1) and (2) there is substituted - 

    " (1) Any document bearing the seal or stamp of the Authority shall be received in evidence without further proof.

    (2) Any document purporting to have been signed by a person authorised to do so on behalf of the Authority, and every document purporting to be signed by any inspector or public valuer under this Act, shall, in the absence of any evidence to the contrary, be received in evidence without proof of the signature.

    (2A) In subsections (1) and (2), "document" means any document issued, received or created by the Authority (or, as the case may be, by any inspector or public valuer under this Act) for the purposes of or in connection with this Act.", and

(b) in subsection (3) - 


(i) for the word "registrar", both times it appears, there is substituted "Authority", and

(ii) for the words "the Chief Registrar may direct" there is substituted "it considers appropriate".

     48. In section 111[56] - 

(a) in subsection (1) - 


(i) after the definition of "annual return", there is inserted - 

" "the Authority" means the Financial Services Authority;",

(ii) the definitions of "the central registration area", "collecting society" and "Commission" are omitted,

(iii) in the definition of "Gazette" in paragraph (a) for the words "the central registration area" there is substituted "England and Wales, the Channel Islands or the Isle of Man", and

(iv) in the definition of "Treasury regulations" the words "and approved" are omitted, and



(b) for subsection (3) there is substituted - 

    " (3) Any reference in this Act to the seal of the Authority is a reference to the seal provided for in regulations made under section 109(1)(b) (and not to the Authority's common seal).".

     49. In Schedule 2[57] - 

(a) in paragraph 3(2) for the words "approved group insurance business, as defined in section 65 of this Act", there is substituted "group insurance business",

(b) in paragraph 7 for the word "registrar", there is substituted "Authority", and

(c) in paragraph 15 for the words from "Chief Registrar" to "registrar for Scotland," there is substituted "Authority".

     50. In Schedule 9[58], paragraph 22 is omitted.

" PART I
FUNCTIONS OF THE AUTHORITY
Functions of the Financial Services Authority in relation to friendly societies.
     1.  - (1) The Financial Services Authority ("the Authority") 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.



    (2) The Authority also has, in relation to such societies, the other functions conferred on it by or under this Act or any other enactment.".

     55. In section 5 - 

(a) in subsection (3) for the words "central office" there is substituted "Authority", and

(b) in subsection (4) for the words "Commission may by order made with the consent of the Treasury" there is substituted "Treasury may by order".

     56. In section 6, for the words "central office", both times they appear, there is substituted "Authority".

     57. In section 11 - 

(a) in subsection (5) for the word "Commission" there is substituted "Authority", and

(b) in subsection (7) for the word "Commission" there is substituted "Treasury".

     58. In section 14 - 

(a) the words "or (4)", wherever they appear, are omitted,

(b) in subsection (3)(a) for the words "section 48 below applies" there is substituted "rules in respect of margins of solvency, made by the Authority under section 138 of the Financial Services and Markets Act 2000, apply",

(c) in subsection (3)(b) for the words "that section" there is substituted "such rules",

(d) subsection (4) is omitted,

(e) for the word "Commission" in subsections (5), (6) and (10) there is substituted "Authority",

(f) subsection (11) is omitted, and

(g) in subsection (12) - 


(i) for the words "central office" there is substituted "Authority", and

(ii) for the words "such a notice" there is substituted "any notice served on a society under subsection (6) or (10) above".

     59. In section 20 for the words - 

(a) "central office", wherever they appear, and

(b) "Commission" in subsection (10),

there is substituted "Authority".

     60. In section 21(2), for the words "central office", both times they appear, there is substituted "Authority".

     61. In section 22(2)[63] for the word "Commission" there is substituted "Authority".

     62. In section 24(6), for the word "Commission", both times it appears, there is substituted "Authority".

     63. In section 25(4), for the words "central office", both times they appear, there is substituted "Authority".

     64. In section 26[64] - 

(a) in subsection (1) - 


(i) for the words "central office", the first time they appear, there is substituted "Authority", and

(ii) for the words "the central office", the second time they appear, there is substituted "it",



(b) in subsection (2) - 



(i) for the words "central office", the first time they appear, there is substituted "Authority", and

(ii) for the words "the central office", the second time they appear, there is substituted "it",



(c) in subsections (3) and (4), for the words "central office", wherever they appear, there is substituted "Authority",

(d) in subsection (8) for the words "in writing signed by the central office" there is substituted "by written notice given by the Authority to the society", and

(e) in subsection (9) for the words "central office" there is substituted "Authority".

     65. In section 29 for the words "central office", wherever they appear, there is substituted "Authority".

     66. In section 37(5) to (7), for the word "Commission", wherever it appears, there is substituted "Authority".

     67. In the cross-heading before section 51, for the word "Commission" there is substituted "Authority".

     68. Section 51 ceases to have effect.

     69. In section 52[65] - 

(a) in subsections (1), (3) and (7) for the word "Commission" there is substituted "Authority", and

(b) in subsection (6) for the words from "Commission" to the end there is substituted "Authority shall keep a copy of the order in the public file of the society.".

     70. Sections 52A[66] and 53 cease to have effect.

     71. In section 54 - 

(a) in subsections (2), (3) and (7) for the word "Commission", wherever it appears, there is substituted "Authority",

(b) in subsection (4) for the words from "when" to the end there is substituted - 

" that the society is to comply with it - 
(a) immediately on receipt of a final notice in relation to the direction;

(b) before the end of such period as may be specified in the direction, beginning with the giving of a final notice in relation to the direction; or

(c) on the happening of an event subsequent to the giving of such a notice.",



(c) for subsection (6) there is substituted - 

    " (6) The Authority may by written notice to the society - 


(a) vary a direction under this section at the request of the society; or

(b) revoke a direction under this section.",



(d) subsection (8) is omitted,

(e) in subsection (9) - 



(i) for the words "Commission shall send to the central office" there is substituted "Authority shall keep",

(ii) at the end of paragraph (b) there is inserted - 


" (ba) of a final notice varying a direction under this section;", and


(iii) the words "and the central office shall keep a copy" are omitted, and



(f) at the end of subsection (9) there is inserted - 

    " (10) "Final notice" means a final notice given under section 390 of the Financial Services and Markets Act 2000, as applied by section 58A(6) below.".

     72. In section 55(2) for the word "Commission" there is substituted "Authority".

     73. In section 55A[67] the following are omitted - 

(a) subsection (1),

(b) in subsection (2), the definition of "notifiable voting rights", and

(c) subsection (3).

     74. Sections 56, 57 and 57A[68] cease to have effect.

     75. For sections 58 to 61[69] and the cross-heading before section 58 there is substituted - 

" Notices, hearings and appeals
Notices, hearings and appeals.
     58A.  - (1) If the Authority proposes - 


(a) to give a direction to a society under section 54 or section 55, or to vary such a direction other than at the request of the society, or

(b) to give a direction in relation to a society under section 90,



it must give the society a warning notice.

    (2) The warning notice must set out the terms of the direction which the Authority proposes to give and, in the case of a proposal to give a direction under section 54 or 55, any provisions which the Authority proposes to include in the direction by virtue of section 54(4) (including that provision as applied by section 55(3)).

    (3) If the Authority decides - 



(a) to give a direction to a society under section 54 or section 55, or to vary such a direction other than at the request of the society, or

(b) to give a direction in relation to a society under section 90,



it must give the society a decision notice.

    (4) The decision notice must set out the terms of the direction which the Authority has decided to give and, in the case of a decision to give a direction under section 54 or 55, any provisions to be included in the direction by virtue of section 54(4) (including that provision as applied by section 55(3)).

    (5) A society to whom a decision notice is given under this section may refer the matter to the Financial Services and Markets Tribunal.

    (6) Part XXVI of the Financial Services and Markets Act 2000 (notices) is to be treated as applying in respect of warning notices and decision notices given under this section as it applies in respect of warning notices and decision notices given under that Act, subject to subsection (8) below.

    (7) The provisions of Part IX of the Financial Services and Markets Act 2000 (hearings and appeals) are to be treated as applying in respect of references to the Financial Services and Markets Tribunal made under this section as they apply in respect of references made to that Tribunal under that Act.

    (8) In the application of Part XXVI of that Act in respect of warning notices and decision notices given under this section - 



(a) section 388(1)(e)(i) (which requires a decision notice to indicate any right given under that Act to refer a decision to the Tribunal) is to be read as if, for the words "this Act", there were substituted "the Friendly Societies Act 1992";

(b) section 388(2) (which makes provision for the type of action to which a decision notice may relate if it was preceded by a warning notice) is to be read as if, for the word "Part", there were substituted "section";

(c) section 390(4) (which provides for the content of a final notice about an order) is to be read as if - 


(i) for the words "an order" there were substituted "a direction", and

(ii) for the words "the order", in both places where they appear, there were substituted "the direction"; and



(d) section 392 (application of sections 393 (third party rights) and 394 (access to Authority material)) is to be read as if - 



(i) paragraph (a) of that section contained a reference to a warning notice given under subsection (1) above, and

(ii) paragraph (b) of that section contained a reference to a decision notice given under subsection (3) above.".

     76. In section 62[70]

(a) in subsection (1), for the word "Commission", there is substituted "Authority",

(b) in subsection (3), for the word "Commission", wherever it appears, there is substituted "Authority",

(c) after subsection (3) there is inserted - 

    " (3A) Subject to subsection (2) above, any person authorised for the purpose by the Authority ("an authorised officer") may, on producing evidence of his authority, require a friendly society or a subsidiary of, or body jointly controlled by, an incorporated friendly society - 


(a) to furnish to him forthwith such specified information as the Authority considers it needs for the purposes of its supervisory functions;

(b) to produce to him forthwith such documents or other material as the Authority considers it needs for those purposes;

(c) to provide to him forthwith such explanations of specified matters as the Authority considers it needs for those purposes.",



(d) in subsection (4) - 



(i) for the words "Commission has power" there is substituted "Authority has power, or by virtue of subsection (3A) above an authorised officer has power,", and

(ii) for the word "Commission", the second and third time it appears, there is substituted "Authority or authorised officer",



(e) in subsection (5) - 



(i) for the words "Commission has power" there is substituted "Authority has power, or by virtue of subsection (3A) above an authorised officer has power," and

(ii) for the word "Commission", the second and third time it appears, there is substituted "Authority or authorised officer",



(f) subsection (5A) is omitted, and

(g) in subsection (8) - 



(i) after the words "subsection (3)," there is inserted "(3A),",

(ii) for the word "Commission", the first time it appears, there is substituted "Authority or an authorised officer", and

(iii) for the word "Commission", the second time it appears, there is substituted "Authority or authorised officer".

     77. After section 62 there is inserted - 

" Entry of premises under warrant under section 176 of the Financial Services and Markets Act 2000.
     62A.  - (1) A justice of the peace may issue a warrant under section 176 of the Financial Services and Markets Act 2000 if satisfied on information on oath given by or on behalf of the Authority, an authorised officer within the meaning of section 62(3A) above, or a person appointed as an investigator under section 65(1) below or as an inspector under section 66(1) below, that there are reasonable grounds for believing that the first or second set of conditions below is satisfied.

    (2) The first set of conditions is that - 


(a) there are on the premises specified in the warrant information, documents or other material in relation to which a requirement has been imposed on any person under section 62(3), (3A), (4) or (5) above or section 67(3) below, or which it is the duty of any person to produce under section 65(3) or 67(2) below, and

(b) that person has failed (wholly or in part) to comply with that requirement or, having been requested to do so, has failed (wholly or in part) to comply with that duty.



    (3) The second set of conditions is that - 



(a) there are on the premises specified in the warrant information, documents or other material in relation to which a requirement could be imposed on any person under section 62(3), (3A), (4) or (5) above or section 67(3) below, or which any person could be requested to produce in compliance with the duty imposed on them by section 65(3) or 67(2) below, and

(b) if such a requirement were imposed, or such a request made, - 


(i) it would not be complied with, or

(ii) any information, documents or other material to which it related would be removed, tampered with or destroyed.".

     78. For sections 63 and 64[71] there is substituted - 

" Disclosure of information.
     63A.  - (1) For the purposes of sections 348 to 353 of the Financial Services and Markets Act 2000 (restrictions on disclosure of confidential information) - 


(a) information to which this section applies is to be treated as confidential information; and

(b) in relation to such information, each of the following is a primary recipient - 


(i) the Authority;

(ii) any person who is or has been employed by the Authority; and

(iii) any person appointed by the Authority to carry out functions under this Act or the 1974 Act.



    (2) This section applies to information which - 



(a) relates to the business or other affairs of a friendly society, a registered branch of a friendly society or any other person;

(b) was received by a primary recipient (within the meaning of subsection (1)(b)) for the purposes of, or in the discharge of, any functions of the Authority under any provision made by or under this Act or the 1974 Act; and

(c) is not excluded information by virtue of subsection (4).



    (3) It is immaterial for the purposes of subsection (2) whether or not the information was received - 



(a) by virtue of a requirement to provide it imposed by or under this Act;

(b) for other purposes as well as purposes mentioned in that subsection.



    (4) Information is excluded information if - 



(a) it has been made available to the public by virtue of being disclosed in any circumstances in which, or for any purposes for which, disclosure is not precluded by section 348 of the Financial Services and Markets Act 2000 (restrictions on disclosure of confidential information); or

(b) it is in the form of a summary or collection of information so framed that it is not possible to ascertain from it information relating to any particular person.".

     79. In section 65[72] - 

(a) for the word "Commission", where it appears in the side-note, both times it appears in subsection (1) and where it appears in subsection (6), there is substituted "Authority", and

(b) the following are omitted - 


(i) subsections (1A) and (3A), and

(ii) in subsections (2), (3) and (5) the words "or (1A)".

     80. In section 66[73] for the word "Commission", wherever it appears, there is substituted "Authority".

     81. In section 67[74] - 

(a) for the word "Commission", wherever it appears, there is substituted "Authority",

(b) in subsection (8)(b) the words "and on payment of the prescribed fee" are omitted, and

(c) after subsection (8) there is inserted - 

    " (8A) The Authority may charge a reasonable fee for furnishing to any person a copy of a report under subsection (8)(b) above.".

     82. Sections 67A to 67D[75] cease to have effect.

     83. In section 68 the following are omitted - 

(a) in the cross-heading before the section, the words "and systems",

(b) in the side-note, the words "and systems of business control",

(c) in subsection (1), paragraph (b) and the word "and" immediately preceding it,

(d) subsections (4) to (7),

(e) in subsection (10) the words "and such systems of control and of inspection and report are established and maintained", and

(f) subsection (11).

     84. In section 69(4) for the words "Commission may by regulations made with the consent of the Treasury" there is substituted "Treasury may by regulations".

     85. In section 70(6) for the words "Commission shall, by regulations made with the consent of the Treasury," there is substituted "Treasury shall by regulations".

     86. In section 71(1)(b) and (2)(a), the words "Commission with the consent of the" are omitted.

     87. In section 73(2), paragraph (b) is omitted.

     88. In section 74 for the words - 

(a) "Commission or the central office" in subsections (2), (3) and (4)(b), and

(b) "Commission or central office" in subsection (4)(a),

there is substituted "Authority".

     89. In section 76(4) and (6)(b), for the words "Commission or to the central office" there is substituted "Authority".

     90. In section 77(1)(a) - 

(a) for the words "Commission or the central office" there is substituted "Authority", and

(b) the words "or their" are omitted.

     91. In section 78 - 

(a) for subsections (1) and (2) there is substituted - 

    " (1) The committee of management of a friendly society shall in each year - 


(a) lay before the society, at the annual general meeting, copies of the annual accounts for the last financial year, the report of the committee of management for that year and the auditors' report on those accounts; and

(b) send to the Authority, not later than 30th June or 14 days before the annual general meeting, whichever is earlier, two copies of those accounts and reports.



    (2) The committee of management of a registered branch shall in each year - 



(a) lay before the branch, at the annual general meeting, copies of the annual accounts for the last financial year and the auditors' report on those accounts; and

(b) send to the Authority, not later than 30th June or 14 days before the annual general meeting, whichever is earlier, two copies of those accounts and that report.",



(b) in subsections (3) and (4) for the word "Commission" there is substituted "Authority", and

(c) in subsection (8) for the words "central office shall keep" there is substituted "Authority shall keep one of".

     92. Section 79[76] ceases to have effect.

     93. In section 80, after subsection (1) there is inserted - 

    " (1A) Nothing in subsection (1) above or in rules of a kind mentioned in that subsection prevents any person, in accordance with the scheme for which Part XVI of the Financial Services and Markets Act 2000 provides (the ombudsman scheme), from having a complaint dealt with under such a scheme before, or instead of, arbitration.".

     94. In section 81(2) for the word "Commission", both times it appears, there is substituted "Authority".

     95. In section 85 - 

(a) in subsections (2) and (3) for the word "Commission" there is substituted "Authority",

(b) at the end of subsection (4) there is inserted - 

    " (4A) If, on the transfer date, each of the societies whose amalgamation was confirmed by the Authority has a permission under Part IV of the Financial Services and Markets Act 2000, the Authority shall, with effect from that date, give their successor such permission under that Part as it considers appropriate, and shall notify the successor of the permission by giving the successor a decision notice.

    (4B) Part XXVI of the Financial Services and Markets Act 2000 applies to a decision notice given under this section as it applies to a decision notice given under subsection (9) of section 52 of that Act by virtue of paragraph (a) of that subsection, except that - 


(a) section 390 (final notices) does not apply, and

(b) for the purposes of section 391 (publication) the decision notice is to be treated as if it were a final notice rather than a decision notice.



    (4C) The giving of permission pursuant to subsection (4A) above is to be treated for the purposes of section 55 of the Financial Services and Markets Act 2000 (right to refer matters to the Financial Services and Markets Tribunal) as if it were the determination of an application made by the successor under Part IV of that Act, and Part IX of that Act (hearings and appeals) applies accordingly (but subject to subsection (4D) below).

    (4D) In the application of Part IX of that Act by virtue of subsection (4C) above, section 133(9) (which prevents the Authority from taking action specified in a decision notice until after any reference and appeal) is omitted.", and

(c) in subsection (5) for the words "central office" there is substituted "Authority".

     96. In section 86 - 

(a) in subsections (2)(e) and (3)(b), for the word "Commission" there is substituted "Authority",

(b) in subsection (4) - 


(i) for the word "Commission" there is substituted "Authority" and

(ii) for the words "the central office" there is substituted "it", and



(c) in subsections (6) and (7) for the words "central office" there is substituted "Authority".

     97. In section 87[77] - 

(a) in subsection (2)(b) for the words from "under" to "above" there is substituted "required by rules made by the Authority under section 138 of the Financial Services and Markets Act 2000 to maintain the margin of solvency required by such rules", and

(b) in subsections (2) and (3) for the word "Commission", wherever it appears, there is substituted "Authority".

     98. In section 88[78] for the word "Commission", wherever it appears, there is substituted "Authority".

     99. In section 89 - 

(a) in the side-note and subsections (1) to (6), for the word "Commission", wherever it appears, there is substituted "Authority", and

(b) in subsection (7), for the words from "Commission" to "copy" there is substituted "Authority shall keep a copy of any direction given under this section".

     100. In section 90 - 

(a) in the side-note and subsections (1) to (3), for the word "Commission", wherever it appears, there is substituted "Authority",

(b) in subsection (3), after "by" there is inserted "paragraph 11 or",

(c) in subsection (4) for the words from the beginning to "(b)" there is substituted "At the same time as giving a warning notice to the society in accordance with section 58A(1) in relation to its proposal to give a direction, the Authority shall",

(d) in subsections (5) to (7) for the word "Commission", wherever it appears, there is substituted "Authority",

(e) at the beginning of subsection (7) there is inserted "Before the Authority decides whether to give the society a decision notice in accordance with section 58A(3),".

(f) in subsection (8) for the words from "Commission" to "who" there is substituted "If the Authority gives a direction it shall keep a copy of that direction and", and

(g) in subsections (10) and (11) for the words "central office" there is substituted "Authority".

     101. Section 90A[79] ceases to have effect.

     102. In section 91 - 

(a) in subsection (2) for the word "Commission" there is substituted "Authority",

(b) in subsection (4) - 


(i) for the words "at the central office" there is substituted "by the Authority", and

(ii) for the words "central office", the second time they appear, there is substituted "Authority",



(c) in subsection (5) for the words "central office" there is substituted "Authority",

(d) in subsection (6) for the word "Commission" there is substituted "Authority", and

(e) in subsection (8) for the words "Commission, with the consent of the Treasury," there is substituted "Treasury".

     103. In section 93[80] - 

(a) in subsections (5) to (13) for the words - 


(i) "Commission", and

(ii) "central office",



wherever they appear, there is substituted "Authority", and

(b) in subsection (14) for the words "Commission, with the consent of the Treasury, prescribes" there is substituted "Treasury prescribe".

     104. Sections 97 and 98 cease to have effect.

     105. In section 99 - 

(a) in subsection (1) the words "or an industrial assurance company" are omitted,

(b) in subsection (3) for the words "Commission may, with the consent of the Treasury," there is substituted "Treasury may", and

(c) subsection (4) is omitted.

     106. Section 100 ceases to have effect.

     107. In section 103[81] - 

(a) in the side-note for the words "Parts V and" there is substituted "Part",

(b) in subsection (1) - 


(i) for the word "Commission" there is substituted "Authority",

(ii) the words "by order" are omitted,

(iii) the words "V or" are omitted,

(iv) after "Act" there is inserted ", or any provision of regulations made for the purposes of that Part,",

(v) for the word "order" the second time it appears there is substituted "direction",



(c) in subsection (2) for the words "An order" there is substituted "A direction",

(d) in subsection (3) - 



(i) for the words "An order" there is substituted "A direction",

(ii) for the word "Commission", both times it appears, there is substituted "Authority", and

(iii) for the word "order", the second time it appears, there is substituted "direction",



(e) subsections (4) to (6) are omitted,

(f) in subsection (7) - 



(i) for the word "Commission" there is substituted "Authority", and

(ii) for the words "subsection (4) above" there is substituted "this section", and



(g) in subsection (9) - 



(i) for the words "Commission shall provide to the central office" there is substituted "Authority shall keep",

(ii) for the words "subsection (4) above" there is substituted "this section", and

(iii) the words "and the central office shall keep the copy" are omitted.

     108. In section 104 - 

(a) in subsections (1) and (3), for the words "central office" there is substituted "Authority", and

(b) for the words - 


(i) "on payment of the fee prescribed under section 114 below" in subsection (1)(b), and

(ii) "on payment of the fee so prescribed" in subsection (2),



there is substituted "subject to paragraph (2A) below", and

(c) after subsection (2) there is inserted - 

    " (2A) The Authority may charge a reasonable fee for making the public file available to any person for inspection under subsection (1)(b) above, or for furnishing any person with a copy of any documents or records under subsection (2) above.".

     109. In section 107[82], for the word "Commission", wherever it appears, there is substituted "Authority".

     110. For section 111(1) there is substituted - 

    " (1) Any document bearing the seal or stamp of the Authority shall be received in evidence without further proof.

    (1A) Any document purporting to have been signed by a person authorised to do so on behalf of the Authority, and every document purporting to be signed by any inspector or public valuer under this Act, shall, in the absence of any evidence to the contrary, be received in evidence without proof of the signature.

    (1B) In subsections (1) and (1A), "document" means any document issued, received or created by the Authority (or, as the case may be, by any inspector or public valuer under this Act) for the purposes of or in connection with this Act.".

     111. In section 112(4) - 

(a) for the words "Commission may, by regulations made with the consent of the Treasury," there is substituted "Treasury may by regulations", and

(b) for the words "it considers" there is substituted "they consider".

     112. In section 113(1) for the words "Commission and the central office" there is substituted "Authority".

     113. For section 114 there is substituted - 

" Form of documents.
     114.  - (1) The Authority may, by directions under this section, make provision with respect to the form of, and the particulars to be included in, any document to be sent to it under this Act or the 1974 Act.

    (2) The directions have effect subject to any other provision of or made under this Act.".

     114. In section 117(1)[83], in the definition of "insurance business", after the word "but" there is inserted ", except for the purposes of sections 87 and 88 above,".

     115. In section 119[84]

(a) in subsection (1) - 


(i) in the definition of "actuary" for the words "the qualifications prescribed by regulations under section 44 above" there is substituted "such qualifications, if any, as may be specified in rules made by the Authority under section 340 of the Financial Services and Markets Act 2000 (and subsections (3) to (6) of that section apply in relation to an actuary appointed by virtue of any provision of this Act as they apply in relation to an actuary appointed in compliance with such rules)",

(ii) after the definition of "annuities on human life", there is inserted - 

" "the Authority" means the Financial Services Authority;",

(iii) in the definition of "appointed actuary" for the words "under section 44 above" there is substituted "in accordance with rules made under section 340 of the Financial Services and Markets Act 2000",

(iv) in the definition of "appropriate actuary" - 


(A) in paragraph (a) for the words "the duty imposed by section 44(1) above" there is substituted "a duty imposed by rules made by the Authority under section 340 of the Financial Services and Markets Act 2000", and

(B) in paragraph (b) for the word "that" there is substituted "such a",



(v) the definitions of "the central office", "the Chief Registrar", "collecting society", "the Commission", "the criteria of prudent management", and "notifiable voting rights" are omitted,

(vi) in the definition of "the public file" for the words "central office" there is substituted "Authority", and

(vii) the definition of "valuation regulations" is omitted, and



(b) after subsection (1) there is inserted - 

    " (1AA) Any reference in this Act to the seal of the Authority is a reference to the seal provided for in regulations made under section 109(1)(b) of the Friendly Societies Act 1974 (and not to the Authority's common seal).".

     116. Section 119B[85] ceases to have effect.

     117. In section 121(1) the words "or the Commission" are omitted.

     118. Section 122 ceases to have effect.

     119. Schedule 1[86] ceases to have effect.

     120. In Schedule 3[87]

(a) for the words "central office", wherever they appear, there is substituted "Authority",

(b) in paragraph 1(4) the words "is satisfied that the Commission" are omitted,

(c) in paragraph 1(5) the following are omitted - 


(i) the words "and authorised", and

(ii) the words from "and in this sub-paragraph" to the end, and



(d) in paragraph 13(4) for the words "Commission prescribes", there is substituted "Treasury prescribe".

     121. In Schedule 4, in paragraph 2(5) and (6) for the words "central office", wherever they appear, there is substituted "Authority".

     122. In Schedule 5 - 

(a) in paragraph 2(5) for the words "Commission may by order made with the consent of the Treasury" there is substituted "Treasury may by order", and

(b) in paragraph 3(1) for the word "Commission" there is substituted "Treasury".

     123. In Schedule 10 - 

(a) in paragraph 3(1)(c) for the words "central office" there is substituted "Financial Services Authority",

(b) in paragraph 3(2), before paragraph (a) there is inserted - 


" (aa) every reference to a company registered in Scotland shall have effect as a reference to an incorporated friendly society whose registered office is situated in Scotland;",



(c) in paragraph 4(1), for the words "central office", both times they appear, there is substituted "Authority",

(d) in paragraphs 24(3) and 54(3), for the words "central office", both times they appear in each, there is substituted "Authority", and

(e) in paragraphs 32, 34(3), 35(1) and (2), 62, 64(3) and 65(1) and (2), for the word "Commission", there is substituted "Authority".

     124. In Schedule 11, in paragraph 16(1) for the words "Commission, with the consent of the Treasury," there is substituted "Treasury".

     125. In Schedule 12 - 

(a) in paragraphs 3(2) and (3) for the word "Commission" there is substituted "Authority", and

(b) in paragraphs 5(2) and 7(6) for the word "Commission" there is substituted "Treasury".

     126. Schedules 13 to 13C[88] cease to have effect.

     127. In Schedule 14 - 

(a) in paragraph 3(1) for the word "Commission", both times it appears, there is substituted "Authority",

(b) in paragraph 5(3) for the word "Commission" there is substituted "Treasury",

(c) in paragraph 7 - 


(i) in sub-paragraph (1) after the words "friendly society" there is inserted "or of a registered branch",

(ii) sub-paragraph (1)(d), and the word "and" immediately preceding it, are omitted,

(iii) sub-paragraph (2) is omitted,

(iv) in sub-paragraph (4) for the words "Commission, with the consent of the Treasury," there is substituted "Treasury", and

(v) in sub-paragraphs (6) and (7) for the word "Commission" there is substituted "Authority",



(d) in paragraph 9 - 



(i) for the word "C