Financial Services Act 1986 (Repealed)

23(1)The powers conferred by Chapter VI of Part I of this Act shall not be exercisable in relation to a regulated friendly society or the appointed representative of such a society by the Secretary of State but instead shall be exercisable by [F1the Commission]; and accordingly references in that Chapter to the Secretary of State shall as respects the exercise of powers in relation to a regulated friendly society or such a representative be taken as references to [F1the Commission].

(2)Section 64 of this Act shall not apply to the exercise of those powers by virtue of sub-paragraph (1) above but those powers shall only be exercisable by [F1the Commission] if it appears to [F2the Commission]—

(a)that the exercise of the powers is desirable in the interests of members or potential members of the regulated friendly society; or

(b)that the society is not a fit person to carry on regulated business of a particular kind or to the extent to which it is carrying it on or proposing to carry it on; or

(c)that the society has contravened any provision of this Act or of any rules or regulations made under it or in purported compliance with any such provision has furnished [F2the Commission] with false, inaccurate or misleading information or has contravened any prohibition or requirement imposed under this Act.

(3)For the purposes of sub-paragraph (2)(b) above [F1the Commission] may take into account any matters that could be taken into account in deciding whether to withdraw or suspend an authorisation under Chapter III of Part I of this Act.

(4)The powers conferred by this paragraph shall not be exercisable in relation—

(a)to a member society which is subject to the rules of a recognised self-regulating organisation for friendly societies in carrying on all the investment business carried on by it; or

(b)to an appointed representative of a member society if that member society, and each other member society which is his principal, is subject to the rules of such an organisation in carrying on the investment business in respect of which it has accepted responsibility for his activities;

except that the powers conferred by virtue of section 67(1)(b) of this Act may on any of the grounds mentioned in sub-paragraph (2) above be exercised in relation to a member society or appointed representative at the request of the organisation in relation to which the society or, as the case may be, the society which is the representative’s principal is a member society.