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Provident Societies: Northern Ireland

Volume 504: debated on Thursday 28 January 2010

To ask the Chancellor of the Exchequer what directives the Financial Services Authority (FSA) has issued to non-FSA regulated industrial and provident societies in Northern Ireland on the undertaking of regulated activities by such societies. (313914)

Under the Financial Services and Markets Act 2000, organisations of any kind which carry on regulated activities, as defined in the Act, anywhere in the UK, are required to seek formal permission from the Financial Services Authority (FSA) unless otherwise legally exempt. The FSA issues advice and guidance to organisations through its website and other means.