Updating Industrial and Provident Society Legislation (IPS) - Status Report August 2010

It has been widely acknowledged by government and the sector that Industrial and Provident Society legislation, the traditional legal form for co-operatives, and its regulatory framework is in need of modernisation. Co-operatives UK along with other bodies in the movement, such as ABCUL and the Co-operative Party, have been pro-actively working on its modernisation for some time.

This report details the progress that has been made so far.

Since 2002 there have been a number of steps towards the process of reform including two private members bills and consultations led by the Treasury. Following the main consultation the Treasury established a working group of representatives from the sector (including Co-operatives UK) who have identified areas in need of update along with the legal and legislative mechanisms available to achieve reform.