Financial Services and Markets Act 2000

• (a) during the period—

• (i) beginning with the date on which an application is made for a write-down order in relation to the insurer, and

• (ii) ending with the date on which the order is made or the application is withdrawn or dismissed;

• (b) during the period—

• (i) beginning with the date on which a write-down order is made in relation to the insurer, and

• (ii) ending with the last day of the period of six months beginning with the day on which the write-down order takes effect (see section 377A(3)(a));

• (c) during such further period as the court may order.

• (2) This Part of this Schedule ceases to apply—

• (a) where the court orders that it should cease to apply (and in accordance with the terms of the order), or

• (b) where the write-down order ceases to have effect (because, in accordance with section 377H, each reduction in the value of a liability of the insurer ceases to have effect).

• (3) The court—

• (a) may make an order under sub-paragraph (1)(c) or (2)(a) only on an application by a person mentioned in sub-paragraph (4);

• (b) may not specify in an order under sub-paragraph (1)(c) a period longer than six months (but may make one or more further such orders).

• (4) The persons are—

• (a) a person entitled to make an application for a write-down order in relation to the insurer (see section 377C(1));

• (b) a person appointed under section 377G to act as the manager of the write-down order;

• (c) a provisional liquidator of the insurer;

• (d) the FCA.

• (5) Before making an application for an order under this Part of this Schedule—

• (a) a person other than the PRA or the Treasury must consult the PRA;

• (b) the PRA must consult the FCA.

Moratorium on proceedings

2

• (1) Where this Part of this Schedule applies in relation to an insurer, except with the permission of the court—

• (a) no step may be taken to enforce security over the insurer’s property;

• (b) no step may be taken to repossess goods in the insurer’s possession under a hire-purchase agreement;

• (c) a landlord may not exercise a right of forfeiture by peaceable re-entry in relation to premises let to the insurer;

• (d) in Scotland, a landlord may not exercise a right of irritancy in relation to premises let to the insurer;

• (e) no legal process (including legal proceedings, execution, distress or diligence) may be instituted, carried out or continued against the insurer or its property.

• (2) Where the court gives permission for something to be done that would otherwise be prevented by this paragraph, it may impose a condition on, or a requirement in connection with, the permission.

• (3) In this paragraph, “landlord” includes a person to whom rent is payable.

Exceptions

3

• (1) This Part of this Schedule does not apply in relation to—

• (a) arrangements entered into after the date on which this Part of this Schedule first applied in relation to the insurer;

• (b) employment tribunal proceedings or any legal process arising out of such proceedings;

• (c) proceedings, not within paragraph (b), involving a claim between an employer and a worker.

• (2) Nothing in this Part of this Schedule—

• (a) prevents the FCA or the PRA from exercising a function it has in relation to the insurer or any other person;

• (b) prevents a consumer from taking steps to enforce a money award or direction under section 229 or 404B.

• (3) Nothing in this Part of this Schedule affects the operation of—

• (a) Part 7 of the Companies Act 1989 (financial markets and insolvency);

• (b) the Financial Markets and Insolvency Regulations 1996 (S.I. 1996/1469);

• (c) the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979);

• (d) the Financial Collateral Arrangements (No.2) Regulations 2003 (S.I. 2003/3226).

• (4) The Treasury may by regulations amend sub-paragraph (3).

• (5) In this paragraph—

• “agency worker” has the meaning given by section 13(2) of the Employment Relations Act 1999;

• “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions;

• “employer”—in relation to an agency worker, has the meaning given by section 13(2) of the Employment Relations Act 1999;otherwise, has the meaning given by section 230(4) of the Employment Rights Act 1996;

• “worker” means an individual who is—a worker within the meaning of section 230(3) of the Employment Rights Act 1996, oran agency worker.

PART 2 — Dealing with assets etc

Application of this Part of this Schedule

4

This Part of this Schedule applies while a write-down order has effect in relation to one or more liabilities of an insurer.

Dealing with assets

5

The insurer may not dispose of, or otherwise deal with, any of its assets (whether in the United Kingdom or elsewhere) except—

• (a) in the ordinary way of the insurer’s business, or

• (b) with the consent of the PRA.

Paying variable remuneration

6

The insurer may not pay variable remuneration that is not regulated by a collective bargaining agreement, except with the consent of the PRA.

Distributions

7

The insurer may not make a distribution, within the meaning of Part 23 of the Companies Act 2006, except with the consent of the PRA.

PART 3 — Treatment of written-down liabilities for certain purposes

Application of this Part of this Schedule

8

• (1) This Part of this Schedule applies in relation to a liability of an insurer while the value of the liability is reduced under a write-down order.

• (2) Where the write-down order is varied, this Part of this Schedule applies as if references to the write-down order were to the order as varied.

Relevant insolvency provisions

9

• (1) In determining the value of the liability for the purposes of a relevant insolvency provision, no account is to be taken of the contingent or prospective value of the liability, or interest on the liability, arising from any expectation that the write-down order will be varied, further varied or cease to have effect (whether in relation to the liability or generally).

• (2) The relevant insolvency provisions are—

• (a) section 123 of the 1986 Act or Article 103 of the 1989 Order, or any statutory provision which applies that section or that Article;

• (b) Article 11 of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency 2);

• (c) PRA rules applicable to non-directive insurers, within the meaning given by the Rulebook made by the PRA under this Act (as that Rulebook has effect from time to time).

• (3) The Treasury may by regulations amend sub-paragraph (2).

Reinsurance contracts

10

• (1) This paragraph applies where—

• (a) the liability is a liability under a contract of insurance the insurer carries out as principal (“contract A”), and

• (b) the insurer enters into a reinsurance contract under which contract A, or any liability under contract A, is reinsured (“contract B”).

• (2) In determining the value of the liability for the purposes of contract B, no account is to be taken of the reduction in value of the liability under the write-down order.

PART 4 — Interest

11

• (1) This Part of this Schedule applies where—

• (a) the value of a liability of an insurer is reduced under a write-down order,

• (b) while the write-down order has effect in relation to the liability, an amount of the liability is due and payable (or would be due and payable but for the write-down order), and

• (c) the amount remains due and payable after the reduction ceases to have effect.

• (2) The amount carries statutory interest, within the meaning of the Late Payment of Commercial Debts (Interest) Act 1998, for the period—

• (a) beginning with the date on which the write-down order took effect or, if later, the date on which the amount became due and payable (or would have become due and payable but for the write-down order), and

• (b) ending with the day on which the amount is paid.

• (3) Where a write-down order is varied, this section applies as if references to the write-down order were to the order as varied.

SCHEDULE 19C — Insurers in financial difficulties: enforcement of contracts

PART 1 — Introductory

Application of this Schedule

1

This Schedule applies in relation to an insurer while the insurer is in financial difficulties.

“Financial difficulties”

2

• (1) An insurer is in “financial difficulties” for the purposes of this Schedule if—

• (a) Part 1 of Schedule 19B (write-down orders: restrictions on enforcement) has effect in relation to the insurer (see paragraph 1(1) and (2) of that Schedule);

• (b) the insurer is in administration, within the meaning of Schedule B1 to the 1986 Act or Schedule B1 to the 1989 Order, or awaiting administration;

• (c) a petition for the winding up of the insurer has been presented and has not been withdrawn or determined.

• (2) For the purposes of sub-paragraph (1)(b), an insurer is awaiting administration while an application for an administration order in respect of the insurer has been made to the court and—

• (a) the application has not yet been granted or dismissed, or

• (b) the application has been granted but the administration order has not yet taken effect.

• (3) For the purposes of this Schedule, an insurer “enters into financial difficulties”—

• (a) in a case to which sub-paragraph (1)(a) applies, on the date on which Part 1 of Schedule 19B first has effect in relation to the insurer;

• (b) in a case to which sub-paragraph (1)(b) applies, on the date on which the application for the administration order is made to the court;

• (c) in a case to which sub-paragraph (1)(c) applies, on the date on which the winding-up petition is presented.

PART 2 — Policyholder surrender rights

Restriction on policyholder surrender rights

3

• (1) Where this Schedule applies in relation to an insurer, the total value of a policyholder’s rights under a relevant contract of insurance which the policyholder may surrender in a relevant period must not exceed the surrender limit for that period.

• (2) For these purposes—

• “relevant contract of insurance” means a contract of long-term insurance which is not a contract in respect of which the following conditions are met—the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium;the contract makes no provision for its conversion or extension in a manner which would result in it ceasing to comply with either of the above conditions;

• “relevant period” means—the period of 12 months beginning with the date on which the insurer entered into financial difficulties, andeach subsequent period of 12 months;

• “surrender limit”, in relation to a relevant contract of insurance and relevant period, is an amount equal to 5% of the total surrender value of the contract on the day on which the relevant period began.

Switching rights

4

• (1) This paragraph applies where the value of a right under a relevant contract of insurance is wholly or partly determined by reference to property of any description.

• (2) The reference in paragraph 3(1) to the surrender of rights by a policyholder includes the exercise by the policyholder of a contractual right to change the property by reference to which the value of a right is (wholly or partly) determined.

Consent to exceed surrender limit

5

• (1) Paragraph 3(1) does not apply if, or to the extent that, consent for the surrender of an amount that would exceed the surrender limit for the relevant period has been given by—

• (a) the court,

• (b) a relevant office-holder, or

• (c) where there is no relevant office-holder, the insurer.

• (2) For these purposes, “relevant office-holder” means—

• (a) a provisional liquidator of the insurer;

• (b) an administrator of the insurer;

• (c) a person appointed to act as the manager of a write-down order that has effect in relation to the insurer.

• (3) The court, a relevant office-holder or the insurer (as the case may be) may give consent under sub-paragraph (1) only if satisfied that not doing so would cause the policyholder hardship.

• (4) Where a provisional liquidator of an insurer has been appointed, the manager of a write-down order that has effect in relation to the insurer must obtain the consent of the provisional liquidator before giving consent under sub-paragraph (1).

• (5) As soon as reasonably practicable after giving consent under sub-paragraph (1), a relevant office-holder or the insurer must notify the PRA.

PART 3 — Termination etc of relevant contracts

Relevant contracts

6

• (1) For the purposes of this Part of this Schedule, a contract to which an insurer is a party is a “relevant contract” if it is—

• (a) a contract for the supply of goods or services to the insurer,

• (b) a financial contract, or

• (c) a reinsurance contract under which contracts of insurance the insurer carries out as principal are reinsured.

• (2) “Financial contract” means—

• (a) a contract for the provision of financial services consisting of—

• (i) lending (including the factoring and financing of commercial transactions),

• (ii) financial leasing, or

• (iii) providing guarantees or commitments;

• (b) a securities contract, including—

• (i) a contract for the purchase, sale or loan of a security or group or index of securities;

• (ii) an option on a security or group or index of securities;

• (iii) a repurchase or reverse repurchase transaction on any such security, group or index;

• (c) a commodities contract, including—

• (i) a contract for the purchase, sale or loan of a commodity or group or index of commodities for future delivery;

• (ii) an option on a commodity or group or index of commodities;

• (iii) a repurchase or reverse repurchase transaction on any such commodity, group or index;

• (d) a futures or forwards contract, including a contract (other than a commodities contract) for the purchase, sale or transfer of a commodity or property of any other description, service, right or interest for a specified price at a future date;

• (e) a swap agreement, including—

• (i) a swap or option relating to interest rates, spot or other foreign exchange agreements, currency, an equity index or equity, a debt index or debt, commodity indexes or commodities, weather, emissions or inflation;

• (ii) a total return, credit spread or credit swap;

• (iii) any agreement or transaction similar to an agreement that is referred to in sub-paragraph (i) or (ii) and is the subject of recurrent dealing in the swaps or derivatives markets.

• (3) But a master agreement for any contract or agreement referred to in sub-paragraph (2) is not a relevant contract for the purposes of this Part of this Schedule.

• (4) For the purposes of sub-paragraph (2), “commodities” includes—

• (a) units recognised for compliance with the requirements of EU Directive 2003/87/EC establishing a scheme for greenhouse gas emission allowance trading,

• (b) allowances under paragraph 5 of Schedule 2 to the Climate Change Act 2008 relating to a trading scheme dealt with under Part 1 of that Schedule (schemes limiting activities relating to emissions of greenhouse gas), and

• (c) renewables obligation certificates issued—

• (i) by the Gas and Electricity Markets Authority under an order made under section 32B of the Electricity Act 1989, or

• (ii) by the Northern Ireland Authority for Utility Regulation under the Energy (Northern Ireland) Order 2003 (S.I. 2003/419 (N.I. 6)) and pursuant to an order made under Articles 52 to 55F of that Order.

Restriction on termination etc

7

• (1) Where this Schedule applies in relation to an insurer, a provision of a relevant contract, entered into by the insurer before the insurer first enters into financial difficulties, ceases to have effect if, and to the extent that, under the provision—

• (a) the contract would terminate, a supply would cease, or any other thing would occur, because the insurer is in financial difficulties, or

• (b) another party to the contract would be entitled to terminate the contract, cease a supply, or do any other thing, because the insurer is in financial difficulties.

• (2) Where—

• (a) under a provision of a relevant contract, another party to the contract is entitled to terminate the contract, cease a supply, or do any other thing because of an event occurring before the insurer was in financial difficulties, and

• (b) the entitlement arises before the insurer was in financial difficulties,

the entitlement may not be exercised while the insurer is in financial difficulties.

• (3) A supplier of goods or services to an insurer must not—

• (a) make it a condition of a supply of goods or services, while the insurer is in financial difficulties, that any outstanding charges in respect of a supply made to the insurer before the insurer is in financial difficulties are paid, or

• (b) do anything which has that effect.

Consent to terminate relevant contracts

8

• (1) Sub-paragraph (2) applies where—

• (a) a provision of a relevant contract ceases to have effect under paragraph 7(1), or

• (b) an entitlement under a provision of a relevant contract is not exercisable under paragraph 7(2).

• (2) A party to the contract (other than the insurer) may terminate the contract, or do another thing in relation to the contract, if consent to terminate the contract or do that other thing (as the case may be) has been given by—

• (a) the court,

• (b) a relevant office holder, or

• (c) where there is no relevant office-holder, the insurer.

• (3) For these purposes, “relevant office-holder” means an administrator or provisional liquidator of the insurer (but does not include a person appointed to act as the manager of a write-down order that has effect in relation to the insurer).

• (4) The court, a relevant office-holder or the insurer (as the case may be) may give consent under sub-paragraph (2) only if satisfied that not doing so would cause hardship to any person.

• (5) As soon as reasonably practicable after giving consent under sub-paragraph (2), a relevant office-holder or the insurer must notify the PRA.

PART 4 — Exclusions and disapplication of this Schedule

Exclusions

9

• (1) Nothing in this Schedule affects the operation of—

• (a) Part 7 of the Companies Act 1989 (financial markets and insolvency);

• (b) the Financial Markets and Insolvency Regulations 1996 (S.I. 1996/1469);

• (c) the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979);

• (d) the Financial Collateral Arrangements (No.2) Regulations 2003 (S.I. 2003/3226).

• (2) Nothing in this Schedule affects any protected arrangements within the meaning of section 48P of the Banking Act 2009.

Disapplication of this Schedule by the court

10

• (1) The court may order that this Schedule, or a specified provision of this Schedule—

• (a) does not apply (insofar as it would otherwise) in relation to one or more contracts to which the insurer is a party, or

• (b) applies with specified modifications in relation to one or more such contracts.

• (2) An order under this paragraph—

• (a) must specify the contracts to which it applies;

• (b) may specify all of the contracts to which the insurer is a party (and to which one or more provisions of this Schedule would otherwise apply).

• (3) For the purposes of an order under this paragraph—

• “contract” includes a contract of insurance;

• “specified” means specified or described in the order.

• (4) The court may make an order under this paragraph only if satisfied that one or more of the following grounds is made out—

• (a) not making the order would be likely to cause hardship to any person (other than the insurer);

• (b) where the insurer is in financial difficulties by virtue of paragraph 2(1)(a) (write-down order), making the order is reasonably likely to lead to a better outcome for the insurer’s policyholders and other creditors (taken as a whole) than not making the order;

• (c) where the insurer is in financial difficulties by virtue of paragraph 2(1)(b) (administration), making the order is reasonably likely to promote the purpose of administration.

• (5) The “purpose of administration” means—

• (a) where the insurer is in, or is awaiting, administration under Part 2 of the 1986 Act (as modified, in relation to insurers, by the Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) Order 2010 (S.I. 2010/3023)), an objective specified in paragraph 3 or 3A of Schedule B1 to the 1986 Act;

• (b) where the insurer is in, or is awaiting, administration under Part 3 of the 1989 Order (as modified, in relation to insurers, by the Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) (Northern Ireland) Order 2007 (S.I. 2007/846)), an objective specified in paragraph 4 of Schedule B1 to the 1989 Order.

Procedure

11

• (1) An order under paragraph 10 may be made on the court’s own motion or on an application by—

• (a) where the insurer is in financial difficulties by virtue of paragraph 2(1)(a) (write-down order), a person mentioned in paragraph 1(4) of Schedule 19B;

• (b) where the insurer is in financial difficulties by virtue of paragraph 2(1)(b) (administration), a person mentioned in sub-paragraph (2);

• (c) where the insurer is in financial difficulties by virtue of paragraph 2(1)(c) (winding up), a person entitled to petition for the winding up of the insurer;

• (d) a provisional liquidator of the insurer;

• (e) the FCA.

• (2) For the purposes of sub-paragraph (1)(b), the persons are—

• (a) where an administrator has been appointed, the administrator;

• (b) where the insurer is in, or is awaiting, administration under Part 2 of the 1986 Act, a person mentioned in paragraph 12(1) of Schedule B1 to that Act;

• (c) where the insurer is in, or is awaiting, administration under Part 3 of the 1989 Order, a person mentioned in paragraph 13(1) of Schedule B1 to that Order.

• (3) Before making an application for an order under paragraph 10—

• (a) a person other than a person mentioned in sub-paragraph (4) must obtain the consent of the PRA;

• (b) a person mentioned in sub-paragraph (4) must consult the PRA.

• (4) The persons mentioned in this sub-paragraph are—

• (a) the FCA;

• (b) an administrator of the insurer;

• (c) a provisional liquidator of the insurer;

• (d) a person appointed to act as the manager of the write-down order by virtue of which the insurer is in financial difficulties for the purposes of this Schedule.

• (5) Consent under sub-paragraph (3)(a)—

• (a) must be in writing, and

• (b) must be filed with the court with the relevant application.

• (6) The PRA must consult the FCA before giving or refusing consent under sub-paragraph (3)(a).

PART 5 — Powers to amend this Schedule

12

The Treasury may by regulations amend this Schedule so as to—

• (a) vary or omit any of paragraphs (a), (b) and (c) of paragraph 2(1);

• (b) change the percentage figure specified in the definition of “surrender limit” in paragraph 3(2);

• (c) amend paragraph 6 (meaning of “relevant contract”);

• (d) amend paragraph 9 (exclusions from the operation of this Schedule).

SCHEDULE 20 — Minor and Consequential Amendments

The House of Commons Disqualification Act 1975 (c. 24)

1

In Part III of Schedule 1 to the House of Commons Disqualification Act 1975 (disqualifying offices)—

• (a) omit—

Any member of the Financial Services Tribunal in receipt of remuneration

and

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Northern Ireland Assembly Disqualification Act 1975 (c. 25)

2

In Part III of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (disqualifying offices)—

• (a) omit—

Any member of the Financial Services Tribunal in receipt of remuneration

and

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Civil Jurisdiction and Judgments Act 1982 (c. 27)

3

In paragraph 10 of Schedule 5 to the Civil Jurisdiction and Judgments Act 1982 (proceedings excluded from the operation of Schedule 4 to that Act), for “section 188 of the Financial Services Act 1986” substitute “ section 415 of the Financial Services and Markets Act 2000 ”.

The Income and Corporation Taxes Act 1988 (c. 1)

4

• (1) The Income and Corporation Taxes Act 1988 is amended as follows.

• (2) In section 76 (expenses of management: insurance companies), in subsection (8), omit the definitions of—

• “the 1986 Act”;

• “authorised person”;

• “investment business”;

• “investor”;

• “investor protection scheme”;

• “prescribed”; and

• “recognised self-regulating organisation”.

• (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Finance Act 1991 (c. 31)

5

• (1) The Finance Act 1991 is amended as follows.

• (2) In section 47 (investor protection schemes), omit subsections (1), (2) and (4).

• (3) In section 116 (investment exchanges and clearing houses: stamp duty), in subsection (4)(b), for “Financial Services Act 1986” substitute “ Financial Services and Markets Act 2000 ”.

The Tribunals and Inquiries Act 1992 (c. 53)

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Judicial Pensions and Retirement Act 1993 (c. 8)

7

• (1) The Judicial Pensions and Retirement Act 1993 is amended as follows.

• (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (3) In Schedule 5 (relevant offices in relation to retirement provisions)—

• (a) omit the entry—

Member of the Financial Services Tribunal appointed by the Lord Chancellor

and

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 21 — Transitional Provisions and Savings

Self-regulating organisations

1

• (1) No new application under section 9 of the 1986 Act (application for recognition) may be entertained.

• (2) No outstanding application made under that section before the passing of this Act may continue to be entertained.

• (3) After the date which is the designated date for a recognised self-regulating organisation—

• (a) the recognition order for that organisation may not be revoked under section 11 of the 1986 Act (revocation of recognition);

• (b) no application may be made to the court under section 12 of the 1986 Act (compliance orders) with respect to that organisation.

• (4) The powers conferred by section 13 of the 1986 Act (alteration of rules for protection of investors) may not be exercised.

• (5) “Designated date” means such date as the Treasury may by order designate.

• (6) Sub-paragraph (3) does not apply to a recognised self-regulating organisation in respect of which a notice of intention to revoke its recognition order was given under section 11(3) of the 1986 Act before the passing of this Act if that notice has not been withdrawn.

• (7) Expenditure incurred by the Authority in connection with the winding up of any body which was, immediately before the passing of this Act, a recognised self-regulating organisation is to be treated as having been incurred in connection with the discharge by the Authority of functions under this Act.

• (8) “Recognised self-regulating organisation” means an organisation which, immediately before the passing of this Act, was such an organisation for the purposes of the 1986 Act.

• (9) “The 1986 Act” means the Financial Services Act 1986.

Self-regulating organisations for friendly societies

2

• (1) No new application under paragraph 2 of Schedule 11 to the 1986 Act (application for recognition) may be entertained.

• (2) No outstanding application made under that paragraph before the passing of this Act may continue to be entertained.

• (3) After the date which is the designated date for a recognised self-regulating organisation for friendly societies—

• (a) the recognition order for that organisation may not be revoked under paragraph 5 of Schedule 11 to the 1986 Act (revocation of recognition);

• (b) no application may be made to the court under paragraph 6 of that Schedule (compliance orders) with respect to that organisation.

• (4) “Designated date” means such date as the Treasury may by order designate.

• (5) Sub-paragraph (3) does not apply to a recognised self-regulating organisation for friendly societies in respect of which a notice of intention to revoke its recognition order was given under section 11(3) of the 1986 Act (as applied by paragraph 5(2) of that Schedule) before the passing of this Act if that notice has not been withdrawn.

• (6) Expenditure incurred by the Authority in connection with the winding up of any body which was, immediately before the passing of this Act, a recognised self-regulating organisation for friendly societies is to be treated as having been incurred in connection with the discharge by the Authority of functions under this Act.

• (7) “Recognised self-regulating organisation for friendly societies” means an organisation which, immediately before the passing of this Act, was such an organisation for the purposes of the 1986 Act.

• (8) “The 1986 Act” means the Financial Services Act 1986.

SCHEDULE 22 — Repeals

Chapter	Short title	Extent of repeal
1923 c. 8.	The Industrial Assurance Act 1923.	The whole Act.
1948 c. 39.	The Industrial Assurance and Friendly Societies Act 1948.	The whole Act.
1965 c. 12.	The Industrial and Provident Societies Act 1965.	Section 8.
		Section 70.
1974 c. 46.	The Friendly Societies Act 1974.	Section 4.
		Section 10.
		In section 11, from “and where” to “that society”.
		In section 99(4), “in the central registration area”.
1975 c. 24.	The House of Commons Disqualification Act 1975.	In Schedule 1, in Part III, “Any member of the Financial Services Tribunal in receipt of remuneration”.
1975 c. 25.	The Northern Ireland Assembly Dis-qualification Act 1975.	In Schedule 1, in Part III, “Any member of the Financial Services Tribunal in receipt of remuneration”.
1977 c. 46.	The Insurance Brokers (Registration) Act 1977.	The whole Act.
1979 c. 34.	The Credit Unions Act 1979.	Section 6(2) to (6).
		Section 11(2) and (6).
		Sections 11B, 11C and 11D.
		Section 12(4) and (5).
		In section 14, subsections (2), (3), (5) and (6).
		Section 28(2).
1986 c. 53.	The Building Societies Act 1986.	Section 9.
		Schedule 3.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 76, in subsection (8), the definitions of “the 1986 Act”, “authorised person”, “investment business”, “investor”, “investor protection scheme”, “prescribed” and “recognised self-regulating organisation”.
1991 c. 31.	The Finance Act 1991.	In section 47, subsections (1), (2) and (4).
1992 c. 40.	The Friendly Societies Act 1992.	In section 13, subsections (2) to (5), (8) and (11).
		Sections 31 to 36.
		In section 37, subsections (1), (1A) and (7A) to (9).
		Sections 38 to 50.
		In section 52, subsection (2)(d) and, in subsection (5), the words from “or where” to the end.
		Schedule 7.
		In Schedule 8, paragraph 3(2).
1993 c. 8.	The Judicial Pensions and Retirement Act 1993.	In Schedule 5, “Member of the Financial Services Tribunal appointed by the Lord Chancellor”.

Editorial notes

[^c1709119]: Act restricted (11.8.2001) by S.I. 2001/2659, art. 2(4)(c) Act excluded (1.12.2001) by S.I. 2001/2617, arts. 2(b), 10(9); S.I. 2001/3538, art. 2(1) Act: specified provisions excluded (1.12.2001) by S.I. 2001/2957, arts. 1, 13(8)(b); S.I. 2001/3538, art. 2(1) Act restricted (1.12.2001) by S.I. 2001/3646, arts. 2(7)(b), 4(6)(b), 6(4)(b), 7(4)(c), 8(4)(b), 9(4)(b) Act applied (with modifications) by S.I. 1994/188, reg. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 454)

[^c1709129]: S. 20 excluded (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 62(1)-(4); S.I. 2001/3538, art. 2(1) S. 20 applied (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 62(5); S.I. 2001/3538, art. 2(1) S. 20 modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 2

[^c1709130]: S. 20 wholly in force at 1.12.2001; s. 20 not in force at Royal Assent see s. 431(2); s. 20(3) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 20 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709131]: S. 21 wholly in force at 1.12.2001; s. 21 not in force at Royal Assent see s. 431(2); s. 21 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 21 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709132]: S. 21(1) modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 6

[^c1709133]: S. 22 applied (1.9.2002) by 1974 c. 39, s. 16(6E)(a) (as inserted (1.9.2002) by 2001/544, arts. 2(2)(b), 90(2))

[^c1709134]: S. 25(2)(a) modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 6

[^c1709135]: S. 26(1)(2) applied (1.12.2001) by S.I. 2001/2657, arts. 1(1), 5(1)(4) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1) S. 26(1)(2) applied (1.12.2001) by S.I. 2001/3083, arts. 1(2), 5(1); S.I. 2001/3538, art. 2(1)

[^c1709137]: S. 27(1)(2) applied (1.12.2001) by S.I. 2001/2657, arts. 1(1), 5(2)(5) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1) S. 27(1)(2) applied (1.12.2001) by S.I. 2001/3083, arts. 1(2), 5(2); S.I. 2001/3538, art. 2(1)

[^c1709139]: S. 28 applied (with modifications) (1.12.2001) by S.I. 2001/2657, arts. 1(1), 5(6) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1) S. 28 applied (with modifications) (1.12.2001) by S.I. 2001/3083, arts. 1(2), 5(6); S.I. 2001/3538, art. 2(1)

[^c1709140]: S. 31 wholly in force at 1.12.2001; s. 31 not in force at Royal Assent see s. 431(2); s. 31(1)(b) in force for specified purposes at 25.2.2001 by S.I. 2001/516, art. 2(c), Sch. Pt. 3; s. 31(1)(b) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 31(1)(c) in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 31 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709143]: S. 38(2) modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 3

[^c1709144]: S. 39 wholly in force at 1.12.2001; s. 39 not in force at Royal Assent see s. 431(2); s. 39(1) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 39 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709145]: S. 39(2) modified (31.10.2001) by S.I. 2001/3374, art. 1, Sch. para. 7

[^c1709214]: Pt. 5 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

[^c1709215]: S. 56 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(3); S.I. 2001/3538, art. 2(1) S. 56 modified (temp. from 31.10.2001) by S.I. 2001/3374, arts. 1, 11 S. 56 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 79(1); S.I. 2001/3538, art. 2(1)

[^c1709216]: S. 56 wholly in force at 1.12.2001; s. 56 not in force at Royal Assent see s. 431(2); s. 56 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 56 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709217]: S. 56(7) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 55(5) (with art. 23(2))

[^c1709219]: S. 57 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 110(3) (with art. 23(2))

[^c1709220]: S. 57 wholly in force at 1.12.2001; s. 57 not in force at Royal Assent see s. 431(2); s. 57 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 57 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709221]: S. 57(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 55(1) (with art. 23(2))

[^c1709222]: S. 58 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 110(3) (with art. 23(2))

[^c1709223]: S. 58 wholly in force at 1.12.2001; s. 58 not in force at Royal Assent see s. 431(2); s. 58 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 58 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709224]: S. 59 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 74(2), 76(2); S.I. 2001/3538, art. 2(1) S. 59 extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 49(1) (with art. 23(2))

[^c1709225]: S. 59 wholly in force at 1.12.2001; s. 59 not in force at Royal Assent see s. 431(2); s. 59 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 59 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 59 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709226]: S. 59(1) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 75(2); S.I. 2001/3538, art. 2(1)

[^c1709227]: S. 60 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(3); S.I. 2001/3538, art. 2(1) S. 60 modified (temp. from 31.10.2001) by S.I. 2001/3374, arts. 1, 11 S. 60: “the authorised person concerned” extended (1.12.2001) by S.I. 2001/2511, regs. 1(1), 10; S.I. 2001/3538, art. 2(1) S. 60 extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 50(1), 51(1), 53(1) (with art. 23(2))

[^c1709228]: S. 60 wholly in force at 1.12.2001; s. 60 not in force at Royal Assent see s. 431(2); s. 60(2)(4) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 60 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 60 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709229]: S. 60(3) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 50(5) (with art. 23(2))

[^c1709230]: S. 61 wholly in force at 1.12.2001; s. 61 not in force at Royal Assent see s. 431(2); s. 61 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 61 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709231]: S. 61(3) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 49(3), 53(2) (with art. 23(2))

[^c1709232]: S. 62 wholly in force at 1.12.2001; s. 62 not in force at Royal Assent see s. 431(2); s. 62 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 62 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709233]: S. 63 wholly in force at 1.12.2001; s. 63 not in force at Royal Assent see s. 431(2); s. 63 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 63 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709234]: S. 63(1)(3)-(6) excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 61(2) (with art. 23(2))

[^c1709236]: S. 63(3) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 52(2) (with art. 23(2))

[^c1709237]: S. 63(4) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 75(2) (with art. 23(2))

[^c1709241]: S. 66 modified (1.12.2001) by S.I. 2001/2657, arts. 1(1), 9 (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1) S. 66 modified (1.12.2001) by S.I. 2001/3083, arts. 1(2), 9; S.I. 2001/3538, art. 2(1)

[^c1709242]: S. 66(3)(a) restricted (1.12.2001) by S.I. 2001/3592, arts. 1(2), 60(2) (with art. 23(2))

[^c1709243]: S. 67 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 61(3), 85(5) (with art. 23(2))

[^c1709244]: S. 67(4) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 73(2), 74(2) (with art. 23(2))

[^c1709245]: S. 71 wholly in force at 1.12.2001; s. 71 not in force at Royal Assent see s. 431(2); s. 71(2)(3) in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 71 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709248]: Pt. 6 (ss. 72-103) applied (with modifications) (1.12.2001) by S.I. 1995/1537, Sch. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 511)

[^c1709249]: S. 74 wholly in force at 1.12.2001; s. 74 not in force at Royal Assent see s. 431(2); s. 74(4)(5) in force at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 74 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709250]: S. 74(5) applied (1.12.2001) by S.I. 2001/2957, arts. 1, 8(4); S.I. 2001/3538, art. 2(1)

[^c1709251]: S. 75 wholly in force at 1.12.2001; s. 75 not in force at Royal Assent see s. 431(2); s. 75(3) in force for specified purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; s. 75(1) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 75 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709252]: S. 75(1) extended (1.12.2001) by S.I. 2001/2957, arts. 1, 4(2); S.I. 2001/3538, art. 2(1)

[^c1709253]: S. 76(1) modified (1.12.2001) by S.I. 2001/2957, arts. 1, 4(3); S.I. 2001/3538, art. 2(1)

[^c1709254]: S. 77 wholly in force at 1.12.2001; s. 77 not in force at Royal Assent see s. 431(2); s. 77(1)(2)(4) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 77 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709255]: S. 77(2) extended (1.12.2001) by S.I. 2001/2957, arts. 1, 8(3); S.I. 2001/3538, art. 2(1)

[^c1709256]: S. 79 extended (1.12.2001) by S.I. 2001/2957, arts. 1, 6(1)(3); S.I. 2001/3538, art. 2(1)

[^c1709257]: S. 79 wholly in force at 18.6.2001; s. 79 not in force at Royal Assent see s. 431(2); s. 79(3) in force at 25.2.2001 by S.I. 2001/516, art. 2(a), Sch. Pt. 1; s. 79 in force so far as not already in force at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.

[^c1709258]: S. 81 modified (1.12.2001) by S.I. 2001/2957, arts. 1, 6(1)(3)(4); S.I. 2001/3538, art. 2(1)

[^c1709259]: S. 81 wholly in force at 1.12.2001; s. 81 not in force at Royal Assent see s. 431(2); s. 81(1)(5) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 81 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709260]: S. 81(1) extended (1.12.2001) by S.I. 2001/2957, arts. 1, 6(1)(3)(4); S.I. 2001/3538, art. 2(1)

[^c1709261]: S. 82 wholly in force at 1.12.2001; s. 82 not in force at Royal Assent see s. 431(2); s. 82(1)(5)(7) in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 82 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709264]: S. 88 wholly in force at 1.12.2001; s. 88 not in force at Royal Assent see s. 431(2); s. 88(1)-(3) in force at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; s. 88 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709269]: S. 90 restricted (1.12.2001) by S.I. 2001/2957, arts. 1, 7(3); S.I. 2001/3538, art. 2(1)

[^c1709270]: S. 91(6)(7) applied (with modifications) (1.12.2001) by S.I. 2001/2957, arts. 1, 11(4)-(6); S.I. 2001/3538, art. 2(1)

[^c1709272]: S. 92(1)(3)(4)(6)(7) applied (with modifications) (1.12.2001) by S.I. 2001/2957, arts. 1, 11(3), 12, 13; S.I. 2001/3538, art. 2(1)

[^c1709280]: S. 104 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a) S. 104 modified (1.12.2001) by S.I. 2001/3639, arts. 1(1), 7 (with art. 2)

[^c1709281]: S. 104 partly in force; s. 104 not in force at Royal Assent see s. 431(2); s. 104 in force for specified purposes at 1.12.2001 by S.I. 2001/3538, art. 2(1)(2)

[^c1709286]: 1986 c. 53.

[^c1709287]: 1979 c. 34.

[^c1709288]: S.I. 1985/1205 (N.I. 12).

[^c1709289]: S. 107 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)

[^c1709290]: S. 108 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)(b)

[^c1709291]: S. 108 wholly in force at 1.12.2001; s. 108 not in force at Royal Assent see s. 431(2); s. 108 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2 Sch. Pt. 2; s. 108 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709292]: S. 109 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)

[^c1709293]: S. 110 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)

[^c1709294]: S. 111 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)

[^c1709295]: S. 111 wholly in force at 1.12.2001; s. 111 not in force at Royal Assent see s. 431(2); s. 111(2) in force for specified purposes at 25.2.2001 by S.I. 2001/516, art. 2(c), Sch. Pt. 3; s. 111 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

[^c1709296]: S. 112 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)

[^c1709297]: S. 112(1) modified (1.12.2001) by S.I. 2001/3639, arts. 1(1), 4 (with art. 2)

[^c1709303]: S. 113 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)

[^c1709306]: 1988 c. 36.