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To ask the Chancellor of the Exchequer, if he will take steps to ensure that the Financial Conduct Authority is able to penalise misconduct by officers of friendly societies.
To ask the Chancellor of the Exchequer, if he will take steps to ensure that the Financial Conduct Authority is able to penalise misconduct by officers of friendly societies.
The Financial Conduct Authority (FCA) has the power to prosecute offences by officers under the Friendly Societies Act 1974 and Friendly Societies Act 1992 .
In addition, for friendly societies authorised and regulated to conduct regulated activities under the Financial Services and Markets Act 2000 (FSMA), the FCA has an extensive range of disciplinary, criminal and civil powers to take action against regulated and non-regulated firms and individuals who are failing or have failed to meet the standards it requires.
The FSMA powers are stated in the FCA’s Enforcement Guide which can be found here: Enforcement Information Guide (fca.org.uk).
To ask the Chancellor of the Exchequer, with reference to the Written Ministerial Statement entitled Law Commission reviews of the Co-operative and Community Benefit Societies Act 2014 and Friendly Societies Act 1992, published on 19 June 2023, whether Commissioners have been appointed to conduct the reviews; what estimate he has...
To ask the Chancellor of the Exchequer, with reference to the Written Ministerial Statement entitled Law Commission reviews of the Co-operative and Community Benefit Societies Act 2014 and Friendly Societies Act 1992, published on 19 June 2023, whether Commissioners have been appointed to conduct the reviews; what estimate he has...
As set out in my Written Ministerial Statement, the Government has invited the Law Commission to conduct reviews of the Community Benefit Societies Act 2014 and Friendly Societies Act 1992. The Treasury is now working with the Law Commission to formally agree a terms of reference and a timetable for each review once the projects are formally agreed.
The Law Commission’s statement on the reviews can be found here: https://www.lawcom.gov.uk/law-commission-invited-to-review-legislation-on-cooperatives-and-friendly-societies/
The Government expects that the reviews will start in the autumn.
Motion, That this House has considered the role of local authorities in supporting co-operatives and alternative businesses. Agreed to on question.
Motion, That this House has considered the role of local authorities in supporting co-operatives and alternative businesses. Agreed to on question.
I beg to move,
That this House has considered the role of local authorities in supporting co-operatives and alternative businesses.
It is a pleasure to serve under your chairmanship, Mr Dowd. I am proud to declare my interest as a Labour and Co-op MP since 2005, and as a member of a...
I beg to move,
That this House has considered the role of local authorities in supporting co-operatives and alternative businesses.
It is a pleasure to serve under your chairmanship, Mr Dowd. I am proud to declare my interest as a Labour and Co-op MP since 2005, and as a member of a...
First, I commend the hon. Lady for securing this debate. I have apologised to her already and I apologise now to you, Mr Dowd, as I am afraid I cannot stay for the whole debate, because I have another meeting to attend at 3 pm.
I also commend the hon. Lady...
First, I commend the hon. Lady for securing this debate. I have apologised to her already and I apologise now to you, Mr Dowd, as I am afraid I cannot stay for the whole debate, because I have another meeting to attend at 3 pm.
I also commend the hon. Lady...
I thank the hon. Gentleman for his kind comments and for that valid point. One of the many advantages of local co-ops is that they and the benefits are owned by the local population, and the profit is redistributed to the very people who helped to generate it. Although I...
I thank the hon. Gentleman for his kind comments and for that valid point. One of the many advantages of local co-ops is that they and the benefits are owned by the local population, and the profit is redistributed to the very people who helped to generate it. Although I...
The hon. Lady is making a very important point about what central Government can do. Does she agree that that applies to measures to address food poverty? Co-operatives right across these isles are playing a vital role in ensuring people have affordable food during the cost-of-living crisis.
The hon. Lady is making a very important point about what central Government can do. Does she agree that that applies to measures to address food poverty? Co-operatives right across these isles are playing a vital role in ensuring people have affordable food during the cost-of-living crisis.
Absolutely. As I have said, co-operatives invest back into their own communities, especially the small local co-ops—not every business does that. It is really important that we recognise what the benefits are. Like other hon. Members, I have community shops in my constituency as well as food banks, in which...
Absolutely. As I have said, co-operatives invest back into their own communities, especially the small local co-ops—not every business does that. It is really important that we recognise what the benefits are. Like other hon. Members, I have community shops in my constituency as well as food banks, in which...
It is always a pleasure to serve with you in the Chair, Mr Dowd. I congratulate the hon. Member for Hackney South and Shoreditch (Dame Meg Hillier) on securing this important debate. I have been a co-operator for many years, because I believe that the only way to improve the...
It is always a pleasure to serve with you in the Chair, Mr Dowd. I congratulate the hon. Member for Hackney South and Shoreditch (Dame Meg Hillier) on securing this important debate. I have been a co-operator for many years, because I believe that the only way to improve the...
It is a pleasure to follow my hon. Friend the Member for Neath (Christina Rees). I also congratulate the hon. Member for Hackney South and Shoreditch (Dame Meg Hillier) on securing this important debate during Co-operatives Fortnight.
The economic system under which we live is creating extreme levels of inequality, poverty,...
It is a pleasure to follow my hon. Friend the Member for Neath (Christina Rees). I also congratulate the hon. Member for Hackney South and Shoreditch (Dame Meg Hillier) on securing this important debate during Co-operatives Fortnight.
The economic system under which we live is creating extreme levels of inequality, poverty,...
It is a pleasure to see you in the Chair, Mr Dowd. I commend the hon. Member for Hackney South and Shoreditch (Dame Meg Hillier) for leading this debate with an excellent speech. I commend the speeches of my good friends, the hon. Members for Neath (Christina Rees) and for...
It is a pleasure to see you in the Chair, Mr Dowd. I commend the hon. Member for Hackney South and Shoreditch (Dame Meg Hillier) for leading this debate with an excellent speech. I commend the speeches of my good friends, the hon. Members for Neath (Christina Rees) and for...
The hon. Gentleman really is a friend of the workers. What I find so inspiring about this debate—I am sure he will agree—is that Wales, Scotland and England have come together to show the value of co-operation and the amazing impact that co-operatives have across the UK.
The hon. Gentleman really is a friend of the workers. What I find so inspiring about this debate—I am sure he will agree—is that Wales, Scotland and England have come together to show the value of co-operation and the amazing impact that co-operatives have across the UK.
The hon. Lady, too, is a friend of the workers. In fact, I once said that to her when she was in your very spot, Mr Dowd, in a debate on workers’ rights. She is correct that the co-operative movement, which is doing a vital job, needs to grow in...
The hon. Lady, too, is a friend of the workers. In fact, I once said that to her when she was in your very spot, Mr Dowd, in a debate on workers’ rights. She is correct that the co-operative movement, which is doing a vital job, needs to grow in...
It is a pleasure to serve under your chairship, Mr Dowd. I refer colleagues to my entry in the Register of Members’ Financial Interests, as I am a Labour and Co-op Member of Parliament and because my wife is the assistant general secretary of the Co-operative party.
I commend my hon....
It is a pleasure to serve under your chairship, Mr Dowd. I refer colleagues to my entry in the Register of Members’ Financial Interests, as I am a Labour and Co-op Member of Parliament and because my wife is the assistant general secretary of the Co-operative party.
I commend my hon....
It is a pleasure to serve under your chairmanship for what I think is the first time, Mr Dowd—what a very sound time it is. First, I congratulate the hon. Member for Hackney South and Shoreditch (Dame Meg Hillier) on securing this incredibly important debate. We in Government share her...
It is a pleasure to serve under your chairmanship for what I think is the first time, Mr Dowd—what a very sound time it is. First, I congratulate the hon. Member for Hackney South and Shoreditch (Dame Meg Hillier) on securing this incredibly important debate. We in Government share her...
I thank all hon. Members who have contributed. The House has heard the passion that we all have for co-ops and how they can invest wealth back into the communities that generate that wealth, as well as the vital role of local authorities in championing that in their areas. We...
I thank all hon. Members who have contributed. The House has heard the passion that we all have for co-ops and how they can invest wealth back into the communities that generate that wealth, as well as the vital role of local authorities in championing that in their areas. We...
My honourable friend the Economic Secretary to the Treasury (Andrew Griffith) has made the following Written Ministerial Statement.
The Government recognises that co-operatives and friendly societies make an important contribution to the growth and diversity of the economy, supporting competition across all sectors of the economy and providing products in the...
My honourable friend the Economic Secretary to the Treasury (Andrew Griffith) has made the following Written Ministerial Statement.
The Government recognises that co-operatives and friendly societies make an important contribution to the growth and diversity of the economy, supporting competition across all sectors of the economy and providing products in the...
The Government recognises that co-operatives and friendly societies make an important contribution to the growth and diversity of the economy, supporting competition across all sectors of the economy and providing products in the interests of consumers and businesses across the UK.
HM Treasury will therefore be commissioning the Law Commission, an...
The Government recognises that co-operatives and friendly societies make an important contribution to the growth and diversity of the economy, supporting competition across all sectors of the economy and providing products in the interests of consumers and businesses across the UK.
HM Treasury will therefore be commissioning the Law Commission, an...
Lords third reading. Bill passed.
Lords third reading. Bill passed.