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Friendly Societies Act 1992

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Version Superseded: 19/10/1998

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ActivitiesU.K.

1The establishment and management of personal equity plans within the meaning of the M1Finance Act 1986.

Marginal Citations

Valid from 19/10/1998

[F11AThe establishment and management, or arranging for the establishment and management, of individual savings accounts; and in this paragraph “individual savings accounts" means plans of a kind referred to in section 333(1A) of the Income and Corporation Taxes Act 1988 F2.]

Textual Amendments

F1Sch. 7, para. 1A inserted (19.10.1998) by S.I. 1998/2328 art. 2

F21988 c. 1. Subsection (1A) was added to s. 333 by section 75(1) of the Finance Act 1998 (c. 36). The Individual Savings Accounts Regulations 1998 (S.I. 1998/1870) make detailed provision for the operation of individual savings accounts. Other relevant regulations are S.I.s 1998/1869, 1998/1871 and 1998/1872.

2The establishment and management of unit trust schemes within the meaning of the M2Financial Services Act 1986.

Marginal Citations

3The carrying on of long-term or general business.

4Arranging for the provision of, or giving advice as to, insurance of any description.

5Arranging for the provision of credit, whether as agents for the borrower or the person providing credit and the provision of services in connection with current loan agreements to the person providing credit.

6The provision of fund management services for trustees of pension funds [F3or for friendly societies or for other bodies whose business consists of any activity falling within paragraphs 1 to 5 above or paragraphs 7 to 14 below].

Textual Amendments

F3Words in Sch. 7 para. 6 added (6.1.1997) by S.I. 1996/3009 art. 2(a)

7The administration of estates and the execution of trusts of wills.

8The provision of executry services (within the meaning of Part II of the M3Law Reform (Miscellaneous Provisions) (Scotland) Act 1990) where the subsidiary or body is an executry practitioner (within the meaning of that Part of that Act) and the administration of testamentary trusts.

Marginal Citations

9The establishment and management of—

(a)sheltered housing,

(b)residential homes for the elderly,

(c)hospitals, or

(d)nursing homes or mental nursing homes (within the meaning of the M4Registered Homes Act 1984) or, in Northern Ireland, nursing homes (within the meaning of the M5Nursing Homes and Nursing Agencies Act (Northern Ireland) 1971),

and the provision of medical, administrative or other services for persons owning or managing any of them.

Marginal Citations

10The provision of administrative services for friendly societies or other bodies whose business consists of any activity falling within paragraphs 1 to 9 above [F4or paragraph 11 or 14 below].

Textual Amendments

F4Words in Sch. 7 para. 10 substituted (6.1.1997) by virtue of S.I. 1996/3009 art. 2(b)

[F511The carrying on of a business which is a deposit-taking business within the meaning of the Banking Act 1987 M6 but only to the extent that money which is received as a deposit, or money which is lent, is received from, or lent to, an individual.]

Textual Amendments

F5Sch. 7 para. 11 inserted (1.1.1996) by S.I. 1995/3062 art. 2(b)

Marginal Citations

[F612The carrying on of insurance business which is general business within the meaning of the Insurance Companies Act 1982 M7 but only to the extent that a contract of insurance which is effected or carried out is a contract which is effected with an individual.]

Textual Amendments

F6Sch. 7 para. 12 inserted (1.1.1996) by S.I. 1995/3062 art. 2(b)

Marginal Citations

[F713 The establishment and management of investment companies with variable capital falling within regulation 3(1) of the Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996 M8 (an open-ended investment company).]

Textual Amendments

Marginal Citations

[F814 The establishment and management of companies which are approved as investment trusts for the purposes of section 842 of the Income and Corporation Taxes Act 1988 M9.]

Textual Amendments

F8Sch. 7 para. 14 inserted (1.6.1997) by S.I. 1996/3009 art. 2(c)

Marginal Citations

Valid from 01/12/1998

[F915Arranging for the provision of banking services by a UK institution or a European institution, and providing services in pursuance of such arrangements; and in this paragraph “UK institution" and “European institution" have the same meaning as in the Banking Co-ordination (Second Council Directive) Regulations 1992 F10, and “banking services" means such services as are ordinarily provided in the course of or in connection with a business which is a deposit-taking business for the purposes of the Banking Act 1987 F11.]

Textual Amendments

F9Sch. 7 para. 15 inserted (1.12.1998) by S.I. 1998/2696, art. 2(c)

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