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The Friendly Societies (Activities of a Subsidiary) Order 1996

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  • Y Diweddaraf sydd Ar Gael (Diwygiedig)
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Explanatory Note

(This note is not part of the Order)

This Order varies Schedule 7 to the Friendly Societies Act 1992 (which relates to the activities which may be carried on by a subsidiary of, or a body jointly controlled by, an incorporated friendly society). Two new activities are added at paragraphs 13 and 14, the establishment and management of open-ended investment companies and of investment trusts. The activity set out in paragraph 6 of providing fund management services to the trustees of pension funds is extended so that such services may be provided to friendly societies or to other bodies whose business consists of any activity falling within the other paragraphs of Schedule 7. The activity set out in paragraph 10 of providing administrative services to friendly societies or other bodies whose business consists of any activity falling within the other paragraphs of Schedule 7 is extended so that such services may be provided to a body whose business consists of an activity falling within the new paragraphs.

Subsidiaries which carry on these activities are required to be authorised under the relevant legislation to conduct the activity.

A compliance cost assessment of the effect that this instrument would have on the cost of business is available from:

The Secretary Friendly Societies Commission 15 Great Marlborough St London W1V 2LL

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