Legislation that will help put co-operatives in Northern Ireland on a more equal footing with other forms of business, and also gives credit unions greater freedom, has reached its final stages.
The Credit Unions, Co-operatives and Community Benefit Societies Bill is expected to become an Act when Royal Assent is given in April. It includes a series of updates around investment and accounting for co-ops, and credit unions in Northern Ireland will be able to provide new products and services, including opening membership to corporate bodies. » Continue reading news item ... “Help for co-ops and credit unions”
Draft guidance has been produced by the Financial Conduct Authority on its registration function under the Co-operative and Community Benefit Societies Act. This explains its approach, and the obligations and legal processes for those registering. Comments can be submitted by 28th November.
(Source: Bates Wells Braithwaite Briefing)
The Welsh Government’s Economy Minister has announced that it will adopt the recommendations of a report on developing the co-operative and mutual business model in Wales. The Welsh Co-operative and Mutuals Commission came up with 25 recommendations on creating a culture and environment in which co-operative ways of doing business are the norm, and has been asked to review progress in six months.
Official news item.
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. » Continue reading news item ... “Basic guide to Co-operative and Community Benefit Societies Act”
New consolidated legislation for co-operatives came into effect from1st August, the first such simplification and unification of what was complex law for over fifty years.
Co-operatives UK has a number of useful downloadable publications, such as:
» Continue reading news item ... “Simplified legislation for co-operatives”
Co-operatives UK, the Wales Co-operative Centre and Co-operatives and Mutuals Wales have jointly produced a strategy report ‘Social Co-operatives, a Democratic Co-production Agenda for Care Services in the UK’. Drawing on lessons from international experience, such as social co-operatives in every town in Italy, it proposes co-operative delivery of social care.
See http://www.walescooperative.org/social-co-operatives-report, plus Ed Mayo’s blog.