(This note is not part of the Order)

Part XXI of the Financial Services and Markets Act 2000 (c. 8) ("the 2000 Act") provides for the transfer, to the Financial Services Authority ("the Authority") or to the Treasury, of functions of the Friendly Societies Commission, the Building Societies Commission, and the Registry of Friendly Societies (specifically the Chief Registrar of Friendly Societies, the central office of the registry of friendly societies, the assistant registrar of friendly societies for Scotland, and the other assistant registrars). The functions of the Registry extend not only to friendly societies but also to other kinds of registered society registered under the Friendly Societies Act 1974, as well as building societies, industrial and provident societies and credit unions.

Article 4 of this Order effects the transfer of these functions. Those listed in Schedule 1 (mostly powers to make legislative provision through regulations or orders) are transferred to the Treasury, whilst all other functions are transferred to the Authority subject to any contrary provision made by or under the 2000 Act. Schedule 2 makes provision as to the way in which provisions in the 2000 Act (in particular provisions referring to functions of the Authority) will apply to the Authority when exercising the functions transferred to it.