Financial Services Act 1986 (Repealed)

14(1)The rules under section 48 of this Act shall not apply to a regulated friendly society but [F1the Commission] may, with the consent of the Secretary of State, make such rules as may be made under that section regulating the conduct of any such society . . . F2 as respects the matters mentioned in sub-paragraph (2) below.

(2)The matters referred to in sub-paragraph (1) above are—

(a)procuring persons to transact regulated business with it and advising persons as to the exercise of rights conferred by investments acquired from the society in the course of such business;

(b)managing the investment of pension funds, procuring persons to enter into contracts for the management of such investments and advising persons on such contracts and the exercise of the rights conferred by them;

(c)matters incidental to those mentioned in paragraphs (a) and (b) above.

[F3(2A)Paragraph 22B below has effect as regards the application of rules under this paragraph to member societies in respect of investment business in the carrying on of which they are subject to the rules of a recognised self-regulating organisation for friendly societies.]

(3)Section 50 of this Act shall apply in relation to rules under this paragraph as it applies in relation to rules under section 48 except that—

(a)for the reference to the Secretary of State there shall be substituted a reference to [F1the Commission]; . . . F4

(b)[F1the Commission] shall not exercise the power under subsection (1) to alter the requirement of rules made under this paragraph without the consent of the Secretary of State [F5; and]

[F5(c)for the references in subsection (4) to section 63B and a recognised self-regulating organisation there shall be substituted references to paragraph 13B and a recognised self-regulating organisation for friendly societies.]