Further to an earlier news item about guides to the Co-operative and Community Benefit Societies Act 2014, in force from 1st August, the Financial Conduct Authority has produced a ‘one minute guide’, http://www.fca.org.uk/firms/being-regulated/meeting-your-obligations/firm-guides/cooperative-and-community-benefit–societies. This gives a summary for new and existing societies which may be affected.
The Industrial and Provident Society (IPS) legal form is replaced with two new legal forms:
- co-operative society
- community benefit society
The Act also consolidates previous industrial and provident society legislation.
The earlier news item was to guidance issued by Co-operative UK, http://voluntarynews.org.uk/news/2014/08/simplified-legislation-for-co-operatives/.