Financial Services Act 1986 (Repealed)

28(1)If it appears to [F1the Commission]—

(a)that a body corporate has been established which is able and willing to discharge all or any of the functions to which this paragraph applies; and

(b)that the requirements of Schedule 7 to this Act (as it has effect by virtue of sub-paragraph (3) below) are satisfied in the case of that body,

[F2the Commission] may, with the consent of the Secretary of State and subject to the following provisions of this paragraph and paragraphs 29 and 30 below, make an order transferring all or any of those functions to that body.

(2)The body to which functions are transferred by the first order made under sub-paragraph (1) above shall be the body known as The Securities and Investments Board Limited if the Secretary of State consents to the making of the order and it appears to [F1the Commission] that that body is able and willing to discharge those functions, that the requirements mentioned in paragraph (b) of that sub-paragraph are satisfied in the case of that body and that [F2the Commission] is not precluded from making the order by the following provisions of this paragraph or paragraph 29 or 30 below.

(3)For the purposes of sub-paragraph (1) above Schedule 7 shall have effect as if—

(a)for references to a designated agency there were substituted references to a transferee body; and

(b)for the reference to complaints in paragraph 4 there were substituted a reference to complaints arising out of the conduct by regulated friendly societies of regulated business.

(4)An order under sub-paragraph (1) above is in this Act referred to as a transfer order and a body to which functions are transferred by a transfer order is in this Act referred to as a transferee body.

(5)Subject to sub-paragraphs (6) and (8) below, this paragraph applies to the functions of [F1the Commission] under section 113(3) of this Act and paragraph 38 below and any functions conferred on [F2the Commission] by virtue of paragraphs 2 to 25 [F3(except paragraph 22A)] above other than the powers under sections 66 and 68 of this Act and, so far as applicable to assets belonging to a regulated friendly society, the power under section 67 of this Act.

(6)If [F1the Commission] transfers [F4its] functions under Chapter VI of Part I of this Act they shall not be exercisable by the transferee body if the only reasons by virtue of which it appears to the body as mentioned in paragraph 23(2) above relate to the sufficiency of the funds of the society to meet existing claims or of the rates of contribution to cover benefits assured.

(7)Any function may be transferred by an order under this paragraph either wholly or in part and a function may be transferred in respect of all societies or only in respect of such societies as are specified in the order.

(8)A transfer order—

(a)may reserve to [F1the Commission] the function of revoking a recognition order in respect of a self-regulating organisation for friendly societies on the ground that the requirement mentioned in paragraph 4(2) above is not satisfied; and

(b)shall not transfer to a transferee body the function of revoking any such recognition order on the ground that the organisation has contravened the provisions of paragraph 9 above.

(9)No transfer order shall be made unless a draft of it has been laid before and approved by a resolution of each House of Parliament.