The Financial Services Act 1986 (Transfer of Functions Relating to Friendly Societies) (Transitional Provisions) Order 1987

• Citation: S.I. 1987/2069
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the Financial Services Act 1986 (Transfer of Functions Relating to Friendly Societies) (Transitional Provisions) Order 1987 and shall come into force on 1st January 1988.

Section 2 Modification of provisions in their application to recognition functions

This Order shall have effect in relation to the function of making or revoking a recognition order in respect of a self-regulating organisation for friendly societies exercisable by a transferee body (in this Order referred to as “recognition functions”).

Section 3 Modification of provisions in their application to recognition functions

In relation to the exercise of recognition functions at any time before 3rd October 1988, the requirement in paragraph 3(1) of Schedule 2 to the Financial Services Act 1986 (as it has effect by virtue of paragraph 4 of Schedule 11 to that Act) that rules afford to investors protection at least equivalent to that afforded by rules and regulations under paragraphs 14 to 22 of Schedule 11 to that Act shall be modified as follows, that is to say that the requirement shall not be treated as unsatisfied by reason only of the fact that a contravention of the rules is not actionable at the suit of a person who suffers loss as a result of the contravention.