54 Supervision of activities of subsidiaries etc
Friendly Societies Act 1992 (1992 c 40) | Legislation

54  Supervision of activities of subsidiaries etc

(1)     In this section “friendly society group” means an incorporated friendly society, subsidiaries of that society and bodies jointly controlled by it.

(2)     If it appears to the [FCA or the PRA] that the activities of subsidiaries of an incorporated friendly society or bodies jointly controlled by it are or may become disproportionate to those of the friendly society group as a whole, it may direct the society—

(a)     to take or refrain from taking steps specified in the direction with a view to securing that the activities in question cease to be or do not become disproportionate; or

(b)     to take steps so specified with a view to securing—

(i)     that it ceases to have control or joint control of any subsidiary or jointly controlled body

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