Co-operative and Community Benefit Societies and Credit Unions Act 2010

The Co-operative and Community Benefit Societies and Credit Unions Bill is a Private Members’ Bill which has government support. It was introduced in the 2008-09 Session of Parliament by Malcolm Wicks, Labour MP for Croydon North.

The Bill completed all its Commons stages but was not able to finish its passage through the House of Lords before the end of the session, having only had a Second Reading debate.
The Bill has been re-introduced, with only minor changes.

The Bill is the latest in a series of measures which have reformed and modernised the regulatory position and commercial organisation of what is often described as the ‘third sector’ in financial services: the loose grouping of organisations with mutual status and whose classifications reflect their industrial origins such as the industrial and provident societies and credit unions.

Key areas

• requires new industrial and provident societies (other than credit unions) to be registered as co-operative or community benefit societies
  
• re-names the Industrial and Provident Societies Acts
  
• applies the Company Directors Disqualification Act 1986 to industrial and provident societies
  
• gives the Treasury powers to apply to industrial and provident societies, with appropriate modifications, company law on the investigation of companies, company names and dissolution and restoration to the register
  
• gives the Treasury powers to make provisions for credit unions corresponding to any provisions applying to building societies