FCA Update for Co-ops, Bencoms and Their Advisers

Ian Adderley of the FCA Mutuals Team writes:

This is a short update to sponsoring bodies and advisers highlighting some developments in the world of mutual societies registration.

Co-operative and Community Benefit Societies Act 2014

You may be aware that the Co-operative and Community Benefit Societies Act 2014 (the 2014 Act) commences on Friday 1 August. We’ve produced a ‘one minute guide’ explaining the Act and hopefully answering any questions you may have. It can be found here: http://www.fca.org.uk/firms/being-regulated/meeting-your-obligations/firm-guides/cooperative-and-community-benefit–societies

Forms

As a consequence of the 2014 Act we have updated all of our forms and information notes.  The forms have mainly just updated legislative references.  But we have also taken the opportunity to add or slightly amend questions on some of the forms. In particular, the new registration, rule changes, and annual return forms are affected.

While we have been flexible on the use of older versions of forms over the last year or so, as a result of the changes outlined above, any applications being determined from 1 August must be submitted on the new forms.  If in doubt whether a form is new or not, you will see at the footer of the new form that it says “July 2014”.

Our website has been updated with the new forms. http://www.fca.org.uk/firms/firm-types/mutual-societies/industrial

Guidance

This is advanced notice that we will be publishing draft guidance about registered societies for consultation, hopefully within the next month or so. I will let you know when it is available.

Fees to the FCA

Societies have to pay an annual fee to the FCA, and the 2014/15 invoices are being sent out to societies in September 2014. Our preferred method of payment is Direct Debit, which efficient and convenient for both parties.  If societies haven’t already set one up, then please consider doing so.

Societies can also now view their FCA invoice online. Online invoicing offers:

  • easy access to your fees account

  • ability to pay online for your fees using a debit or credit card (from September 2014), should you not wish to set up a Direct Debit

  • immediate email notification when we invoice you

Please call the Customer Contact Centre on 0845 606 9966 or email: fcafees@fca.org.uk.  to set up a new Direct Debit or register for Online Invoicing.

 

© Ian Snaith 2014 Creative Commons LicenseThis work is licensed under a Creative Commons Attribution-ShareAlike 2.0 UK: England & Wales License.

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