Article 2(b)

1. The Credit Unions Act 1979 [1979 c.34.] is amended as follows.

2.

(1) Section 1 [Section 41 was amended by S.I. 2001/2617, S.I. 2002/1501, S.I. 2003/256 and S.I. 2011/2687.] (registration under the Industrial and Provident Societies Act 1965) is amended as follows.

(2) In subsection (1) -

(a) in paragraph (a), for "Authority" substitute "FCA";

(b) in paragraph (d), for "to the Authority for Part IV permission under section 40" substitute "for permission under Part 4A";

(c) at end of paragraph (d), omit "and"; and

(d) for paragraph (e), substitute -

"(e) the FCA is satisfied that, once registered under the 1965 Act, the society will satisfy, and continue to satisfy, the threshold conditions (within the meaning of section 55B(1) of the 2000 Act) for which the FCA is responsible in relation to the regulated activity of accepting deposits; and