Article 2(b)

1. The Building Societies Act 1986 [1986 c.53.] is amended as follows.

2. In the heading of Part I, for "Authority" substitute "Financial Conduct Authority and the Prudential Regulation Authority".

3.

(1) Section 1 [Section 1 was amended by S.I. 2001/2617.] (functions in relation to building societies) is amended as follows.

(2) In subsection (1) -

(a) for "The Financial Services Authority ("the Authority") " substitute "The FCA"; and

(b) omit paragraph (a).

(3) After subsection (1), insert -

"(1A) The PRA has the following functions under this Act in relation to building societies -

(a) to secure that the principal purpose of building societies remains that of making loans which are secured on residential property and are funded substantially by their members;