Financial Services and Markets Act 2023 · SCHEDULE 14

2 Specified financial activities

Sch. 14 para. 2 · in force: yes

Captured statutory text (L5)

2 Specified financial activities

(1)Section 1 (registration) is amended as follows.

(2)After subsection (2) insert—

(2A)The objects of a credit union are—

(a)each of the mandatory objects specified in subsection (3), or

(b)each of those mandatory objects together with the optional object specified in subsection (3ZZA).

(3)In subsection (3), in the words before paragraph (a), before “objects” insert “mandatory”.

(4)After subsection (3) insert—

(3ZZA)The optional object of a credit union is to carry on one or more of the financial activities specified in section 1ZA(1) for the benefit of the members of the society.

(5)In subsection (3ZA), for “subsection (3)” substitute “subsections (3) and (3ZZA)”.

Full captured verbatim text

(1) Section 1 (registration) is amended as follows.

(2) After subsection (2) insert—

(2A) The objects of a credit union are—

(a) each of the mandatory objects specified in subsection (3), or

(b) each of those mandatory objects together with the optional object specified in subsection (3ZZA).

(3) In subsection (3), in the words before paragraph (a), before “objects” insert “mandatory”.

(4) After subsection (3) insert—

(3ZZA) The optional object of a credit union is to carry on one or more of the financial activities specified in section 1ZA(1) for the benefit of the members of the society.

(5) In subsection (3ZA), for “subsection (3)” substitute “subsections (3) and (3ZZA)”.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 1/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

Credit unions may include an optional statutory object to carry on specified financial activities for their members.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

cross-reference internal_cite · s. 1

Referred to by

No captured references.

Part summaries

0 of 0 parts have a verified summary.

L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (537)

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Instrument tier unavailable

Change history as published

No captured publisher history.

Pending effects amendments not yet applied to this text

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(b) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(c) · Effective date unknown

Sch. 1 Pt. 5 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(d)(i) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Show all 14

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(b) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(b) · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(d) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(b) Sch. Pt. 1 · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(d) Sch. Pt. 2 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:ukpga/2023/29
Part: SCHEDULE 14
Version: 86372fb4e615f9918e757dfa…
Content hash: sha256 f880a8855793646b75a7951e…
Source: legislation.gov.uk/ukpga/2023/29