Press release

Kitty Ussher Launches IPS Banking Leaflet

A new leaflet, produced by Co-operativesUK and the Financial Services Authority, explains that co-operative societies registered as Industrial and Provident Societies have the same rights as companies when it comes to accessing financial services.

Often when a co-operative society goes to set up a bank or building society account they are met with the response that they are not a company, and this affects the services they can access. But Co-operativesUK and the Financial Services Authority want to set the record straight.

The new leaflet details what IPSs are and why they are considered the same as companies. It explains how to confirm their proof of registration and, for societies not registered as IPSs, the conditions that must be met to register as one.

The flyer was launched at Co-operatives 2008 in Blackpool by Kitty Ussher MP, Economic Secretary to the Treasury.

Helen Barber, Head of Legal Services at Co-operativesUK said: 'In the past we knew that some co-operative societies had trouble getting bank accounts set up, as some bank clerks were misinformed about their corporate status. We want this flyer to take away any doubts. 'The information we have produced should now make it easier for co-operative societies registered as IPSs to access banking services as it will help them to prove their corporate credentials.'

Download the leaflet here