On 17 July 2018, HM Treasury published The Friendly Societies (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. This instrument is made using the power in section 8 of the European Union (Withdrawal) Act 2018 in order to address failures of retained EU law to operate effectively or other deficiencies arising from the withdrawal of the UK from the EU.
The Regulations correct deficiencies in UK legislation governing friendly societies arising from the UK’s exit from the EU. Further detail of the rationale for the draft Regulations can be found in sections 7.1 to 7.8 of the explanatory memorandum. One example of a deficiency that is being corrected is referenced in the Friendly Societies Act 1992 to Schedule 3 of the Financial Services and Markets Act 2000. Schedule 3 makes provision in domestic law for the EEA financial services passport, but the plan is to revoke that Schedule on the basis that the EEA financial services passport will be unworkable without a negotiated agreement with the EU.
The Regulations were amended on 2 October 2018, the revised version of the Regulations is available here.