House of Lords written question – answered on 26th September 2014.

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Photo of Lord Myners Lord Myners Non-affiliated

To ask Her Majesty’s Government whether they consider that the Financial Conduct Authority’s responsibilities for the oversight of cooperative societies are sufficient to protect the interests of members and creditors.

To ask Her Majesty’s Government when they last reviewed the responsibilities and authorities of the Financial Conduct Authority to regulate cooperative societies.

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury

The Financial Conduct Authority acts as the registrar for cooperative societies; it has no regulatory function in respect of cooperative societies where they are not authorised firms. The Government considers that this role is appropriate. The FCA was given additional powers in relation to this role in April 2014.

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