A1242644P - Financial Services Authority

To: OneSavings plc (the “firm”)
Ref: 1242644
Of: Reliance House
Sun Pier
Chatham
Kent ME4 4ET
Date: 1 February 2011
Direction
Handbook version as in force at the date of this Direction
Power
1. This direction is given by the FSA under section 148 of the Act.
Duration
2. (1) This direction takes effect on 1 February 2011.
(2) This direction ends on 1 February 2016.
Rule modified
3. The FSA directs that the rule below applies to the firm with the modifications shown.
Rule Modification
BIPRU 2.1.7R This rule is replaced by:
The Financial Services Authority
25 The North Colonnade Canary Wharf London E14 5HS, United Kingdom
Telephone +44 (0)20 7066 1000 Fax +44 (0)20 7066 1099
Registered as a Limited Company in England and Wales No 1920623. Registered office as above
- 1 -
“The firm must incorporate in the calculation of its
requirements under the main BIPRU firm Pillar 1 rules
and BIPRU 10 (Concentration risk requirement) the
subsidiary undertakings listed below to which the solo
consolidation waiver applies. This does not apply to the
base capital resources requirement. The solo
consolidation waiver applies to Jersey Home Loans
Limited (incorporated in England and Wales), Jersey
Home Loans Limited (incorporated in Jersey), Guernsey
Home Loans Limited (incorporated in England and
Wales), Guernsey Home Loans Limited (incorporated in
Guernsey) and Reliance Property Loans Limited. The
“solo consolidation waiver” means direction number
1242644 and the “firm” means the same thing as it does in
that direction.”

Conditions
4. This direction is subject to the following conditions:
(1) the firm and the group made up of itself and the subsidiary undertakings
referred to in BIPRU 2.1.7R (the “solo consolidated group”) continue to meet
the minimum standards set out in BIPRU 2.1.19R – BIPRU 2.1.24;
(2) the firm notifies the FSA prior to making any changes to the solo consolidated
group structure that might affect the subsidiary undertakings meeting the
minimum standards above; and
(3) there are no changes to activities of the subsidiary undertakings as at the date
of this direction.
Interpretation
5. Interpretative provisions (including definitions) of the Handbook apply to this
direction in the same way they apply to the Handbook.
Colin Cairns
Waivers Team
Regulatory Transactions Department
Financial Services Authority
The Financial Services Authority
25 The North Colonnade Canary Wharf London E14 5HS, United Kingdom
Telephone +44 (0)20 7066 1000 Fax +44 (0)20 7066 1099
Registered as a Limited Company in England and Wales No 1920623. Registered office as above
- 2 -