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.
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.