Industrial and provident society: Difference between revisions
In 2006, the Friendly and Industrial and Provident Societies Act 1968 (Audit Exemption) (Amendment) Order 2006Statutory Instrument 2006 No. 265 increased the audit exemption threshold level for industrial and provident societies to £5.6 million. Also the [[Charities Act 2006]] removed certain exemptions of charitable IPSs in England and Wales. From that point, charitable IPSs had to register with both the FCA and the Charity Commission, except [[registered social landlord]]s, who register with the [[Tenant Services Authority]].
In 2006, the Friendly and Industrial and Provident Societies Act 1968 (Audit Exemption) (Amendment) Order 2006Statutory Instrument 2006 No. 265 increased the audit exemption threshold level for industrial and provident societies to £5.6 million. Also the [[Charities Act 2006]] removed certain exemptions of charitable IPSs in England and Wales. From that point, charitable IPSs had to register with both the FCA and the Charity Commission, except [[registered social landlord]]s, who register with the [[Tenant Services Authority]].
Since 2010 the IPS laws explicitly name co-operatives in their titles. The ‘[[Industrial and Provident Societies Act 1965]]’ was renamed ‘Co-operative and Community Benefit Societies and Credit Unions Act 1965’.
Since 2010 the IPS laws explicitly name co-operatives in their titles.
In 2011, the Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011Statutory Instrument 2011 No. 2687 increased the maximum shareholding limit, changed the date of submission of the annual return, permitted children to be members, and allows the publication of unaudited interim accounts.
In 2011, the Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011Statutory Instrument 2011 No. 2687 increased the maximum shareholding limit, changed the date of submission of the annual return, permitted children to be members, and allows the publication of unaudited interim accounts.
Changes to the registration system under the [[Financial Services Act 2012]] which splits the Financial Services Authority into the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) took effect on 1 April 2013.{{cite web| url = http://www.hm-treasury.gov.uk/press_126_12.htm| title = HM Treasury – GOV.UK| access-date = 18 February 2013| archive-date = 5 February 2013| archive-url = https://web.archive.org/web/20130205213906/http://www.hm-treasury.gov.uk/press_126_12.htm| url-status = dead}} The registration function for societies was transferred to the FCA while the prudential regulation of credit unions was transferred to the PRA.{{Cite web|url=http://www.legislation.gov.uk/ukpga/2012/21/part/3/enacted|title=Financial Services Act 2012}} In September 2013, the English and Scottish Law Commissions published a draft consolidation bill and related documents for consultation.{{cite web|url=http://lawcommission.justice.gov.uk/consultations/co-operative_community_benefit_societies_bill.htm|title=Law Commission|url-status=dead|archive-url=https://web.archive.org/web/20131006222714/http://lawcommission.justice.gov.uk/consultations/co-operative_community_benefit_societies_bill.htm|archive-date=6 October 2013|df=dmy-all}} Earlier that year, the UK Treasury, which is the department responsible for legislation for societies, published a series of proposals to increase the holding limit for withdrawable share capital in societies to at least £31,000, to apply insolvency rescue procedures to societies, and to change the rules applicable to their registers of members.{{cite web|url=https://www.gov.uk/government/consultations/industrial-and-provident-societies-growth-through-co-operation|title=Industrial and Provident Societies: growth through co-operation|date=26 July 2013 }} Draft regulations linked to that consultation were also available, having been circulated to a small number of people. Those drafts and other materials, including a private member’s bill to liberalise the use of share capital by societies presented to the UK House of Lords were explained and brought together online.{{Cite web|url=http://www.iansnaith.com/?page_id=565|title=UK Co-op Law in 2015 & the 2014 Changes | Ian Snaith’s Website}}
Changes to the registration system under the [[Financial Services Act 2012]] which splits the Financial Services Authority into the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) took effect on 1 April 2013.{{cite web| url = http://www.hm-treasury.gov.uk/press_126_12.htm| title = HM Treasury – GOV.UK| access-date = 18 February 2013| archive-date = 5 February 2013| archive-url = https://web.archive.org/web/20130205213906/http://www.hm-treasury.gov.uk/press_126_12.htm| url-status = dead}} The registration function for societies…
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