But panic not - what this actually means is that, from that date IPSs will be known as either “community benefit societies” or “co-operative societies”, depending on how they designated themselves when they were formed. And, it only applies to societies registered (with the Financial Conduct Authority) after 1 August 2014. Those registered before then will be known as “Pre-2010 Act Societies” (although, in practice, they will probably call themselves “community benefit” or “co-operative” societies, for consistency). The change in terminology essentially aims to update the rather outdated and dusty term “industrial and provident society”, replacing it with descriptors that are already widely used (particularly by IPSs outside the housing sector, where co-ops are more common).
More thrillingly, for those who have to deal with the administrative side of IPSs, is the news that the Financial Conduct Authority will (from 6 April) accept applications for new registrations by email. The process for doing this is to be clarified, and it will still be subject to the FCA’s standard 15-working day processing time, but it is a clear step towards modernisation. The National Housing Federation (whose consent is needed by societies using the NHF’s Model Rules) is apparently also getting on the “electronic submission” bandwagon. Exciting times indeed for IPSs!
Gemma Bell is an associate at Anthony Collins Solicitors.
Contact Gemma Bell on gemma.bell@anthonycollins.com or 0121 214 3596.
A group of Anthony Collins Solicitors (ACS) experts from across our various client sectors have gazed into their crystal ball and given us a view on how 2021 is looking.
Luton Borough Council was prosecuted by the HSE late last year following an incident at a high school in which an assistant headteacher was attacked by a pupil and left with life-changing injuries.
This ebriefing looks at the proposal to set out 'public procurement principles' in the proposed procurement legislation.
Happy New Year - our first newsletter of 2021! Throughout this year we will continue to bring you news and developments relating to the charities sector.
Local authorities should be wary of reserving contracts for local suppliers, as recommended by Procurement Policy Note (PPN) 11/20. Other contracting authorities may want to maximise their use of this
Most housing practitioners have perhaps been waiting for this news since the latest lockdown was announced by the Prime Minister on 4 January 2021.
Climate change and biodiversity is an area where significantly faster changes are needed on a global and local basis.
Chris Lloyd Smith, Adrian Leonard and Lisa Whitehouse discuss the planning opportunities available to owners of businesses and how to prepare for unforeseen events.
In their 3rd podcast of the series, Chris Lloyd-Smith and Maria Ramon discuss a number of problems with and difficulties that can arise in mediation and the mechanisms they use to overcome them.
Our previous round-up began by sharing the news that two vaccines had shown very promising test results. Here we are, not even a month later, and the first vaccines have already been administered!
To receive invitations to our events, as well as information and articles on legal issues and sector developments that are of interest to you, please sign up to Newsroom.