House of Lords written question – answered at on 24 November 2014.
To ask Her Majesty’s Government, further to Written Answer by Lord Deighton on 15 September (HL1801), whether they are content with the regulatory protection afforded to members and creditors of cooperative societies; and whether they intend to review regulatory oversight of cooperative societies.
The Financial Conduct Authority (FCA) is the registrar for cooperatives and community benefit societies. It has no regulatory functions over societies which are not authorised to carry out financial services activities.
On
The government will keep the oversight of cooperatives and community benefit societies under review, but has no plans to undertake further reform of this area at the current time.
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