The Building Societies (Provision of Services) (No. 3) Order 1987

• Citation: S.I. 1987/1976
• Sections: 5

Section 1 Citation and commencement

This Order may be cited as the Building Societies (Provision of Services) (No. 3) Order 1987 and shall come into force on the day after the day on which it is made.

Section 2 Interpretation

In this Order, “ the Act ” means the Building Societies Act 1986.

Section 3 Additional services that may be provided by building societies

The list of services in Part I of Schedule 8 to the Act shall be varied by the addition of the following after the service numbered 6 —

(6A) Giving investment advice.

(6B) Arranging for the provision of units in a unit trust scheme.

Section 4 Restrictions in relation to the provision of investment advice

Part III of Schedule 8 to the Act shall be varied by the insertion of the following paragraph after paragraph 5 —

Giving investment advice

(5A) The power to give investment advice is restricted to giving advice to individuals.

Section 5 Definitions relating to investment services

Part IV of Schedule 8 to the Act shall be varied by the insertion of the following definition after the definition of “estate agency work” in paragraph 7 —

“investment” means any asset, right or interest falling within any paragraph in Part I of Schedule 1 to the Financial Services Act 1986 , and “investment advice” means advice of the kind specified in paragraph 15 of Part II of that Schedule;