The long-delayed and even longer-awaited reforms to rename Industrial and Provident Societies are soon to come into force.
Ian Snaith, legal expert on IPSs writes on his blog that the changes which were passed into law some years ago will finally soon be implemented.
The biggest impact is that soon, IPSs will be able to call themselves Co-operatives Societies or Community Benefit Societies, both of which better explain to the wider public what they’re about than Industrial and Provident Society does.
There’s some high-level changes too from the new Financial Conduct Authority which will give it the responsibility to regulate the world of co-operatives, not just the right. This will help ensure fake co-ops don’t get registered, but will also mean that from April 1st onwards, all co-ops will become subject to a new regulatory broom.
The best defence – aside from following the Rochdale principles – is to join Co-operatives UK to get access to their excellent legal team and their regular briefing.