SCHEDULES

SCHEDULE 18Friendly societies

PHI business

2

1

In section 466(1) (“life or endowment business”), for paragraph (b) substitute—

b

any PHI business (as defined in section 431) if—

i

the contract is one made before 1 September 1996, or

ii

the contract is one made on or after that date and the effecting and carrying out of the business also constitutes business within paragraphs I, II or III of Part II of Schedule 1 to the Financial Services and Markets Act (Regulated Activities) Order 2001.

2

The amendment made by sub-paragraph (1) has effect for periods of account beginning on or after 1 January 2007.