Commentary

167 The Financial Services Authority

BUILDING SOCIETIES vol 6(1)
| Commentary

167 The Financial Services Authority

| Commentary

167 The Financial Services Authority

The Financial Services Authority (FSA)1 may, on its own initiative, without any application by members2, appoint an inspector or inspectors and/or call a special meeting3. Before appointing an inspector or calling a meeting in this manner, the FSA is required to inform the building society of the action which it proposes to take and the grounds for that action, and the society is entitled to give the FSA an explanatory statement in writing by way of a reply within 14 days of receiving the information4.

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