A new approach to financial regulation

'A new approach to financial regulation' was a consultation from HM Treasury to gather views on the government’s proposals to reform the UK’s financial regulatory framework.

Amongst many commitments outlined was the proposed abolition of the Financial Services Authority (FSA). The FSA's current responsibilities include registering new industrial and provident societies (IPS), approving amendments to their rules and receiving their annual accounts and reports.

As highlighted in our response on behalf of the members of Co-operatives UK, our major concern was the fact the consultation failed to mention the role of industrial and provident society registrar. The response also identified options for the registrar function deemed to be preferable by our members, as well as any options regarded as unacceptable.

You can download a pdf version of our response below.

Thank you to those members who took time to respond to the survey. Co-operatives UK has been working for our members to promote legislative reform for co-operatives, in particular those registered as industrial and provident societies. Consultations such as this help inform our approach when lobbying on this topic on behalf of our members.