Find out what your society is legally required to do. This includes telling us about rule changes, submitting accounts and annual returns.
We provide guidance for co-operative and community benefit societies[1].
Obligations for societies are set out in mutuals legislation:
- Building Societies Act 1986[2]
- Co-operative and Community Benefit Societies Act 2014[3]
- Co-operative and Community Benefit Societies Act (Northern Ireland) 1969[4]
- Credit Unions Act 1979[5]
- The Credit Unions (Northern Ireland) Order 1985[6]
- Friendly Societies Act 1992[7]
- Friendly Societies Act 1974[8]
All societies must:
- comply with legislative requirements
- follow their registered rules (available on the Mutuals Public Register[9])
- maintain a minimum number of members
- keep a registered office address in the United Kingdom
- maintain a register of members
- maintain and submit financial accounts
- register any changes to their rules with us
- include your registered name on all documents and correspondence
Further details are available on our ‘Resources[10]’ page.
Societies carrying out activities regulated under the Financial Services and Markets Act 2000 (FSMA) will also need to be authorised[11] to do so and will have additional reporting requirements[12], and be subject to requirements under the FCA Handbook[13] and, for PRA authorised firms, the PRA Rulebook[14].