In this report we assess the mutual societies landscape and make recommendations designed to support sustainable growth of the sector.
Overview
Our report:
- sets out relevant legislation to the societies registered by the FCA
- analyses trends in the data of mutuals society activity and registration
- categorises the sector in detail to show the diversity of activity
- makes observations and recommendations to support the sector
Alongside this report we have published a joint report with the Prudential Regulation Authority (PRA) assessing mutuals in financial services.
We have also published 2 pieces of research commissioned by the FCA. One sets out a co-operative entrepreneurial ecosystem, and the other examines the role of networks in the co-operative ecosystem through examples from different jurisdictions.
Who this report is relevant to
- Mutual societies
- Trade bodies
- Advisers
- Researchers
- Policymakers
Recommendations and next steps
Our report sets out recommendations across the following areas:
- Networks and support
- Law
- Systems and data
- Cost and time
- Knowledge and development
We are making recommendations and taking steps to support sustainable growth in the sector.
- It will be quicker to start up societies.
- Costs for existing societies making applications to us will reduce as we remove most statutory declarations.
- Support will be available with the launch of our Mutual Societies Development Unit and we will now offer a pre-application support service.
Background
The FCA is the registering authority for mutual societies in the UK. Our registering authority function is distinct from our role under the Financial Services and Markets Act 2000 (FSMA).
In the UK there are more than 8,400 co-operative and community benefit societies collectively holding £223bn in assets with more than 12 million memberships.
