15.—(1) Section 23(1) (conversion of company into credit union) is amended as follows.U.K.

(2) In subsection (3)—

(a)in the opening words, for “Authority” substitute “FCA”; and

(b)in paragraph (b), omit “made by the Authority under the 2000 Act”.

(3) After subsection (3), insert—

“(4) In subsection (3), “applicable rules” are—

(a)if the credit union is a PRA-authorised person, rules made by the PRA or the FCA under the 2000 Act; and

(b)if the credit union is not a PRA-authorised person, rules made by the FCA under the 2000 Act.”.