News New format for Financial Conduct Authority (FCA) Mutuals guidance

New format for Financial Conduct Authority (FCA) Mutuals guidance

27 March 2023

The FCA is changing the format of its guidance on its registration function under the Co-operatives and Community Benefit Societies Act 2014.

The Mutuals Team at the FCA has moved the guidance from an online PDF to a hyper-linked set of resources, which is now available as part of the FCA's Handbook. This change has two significant advantages, making it easier for societies and their advisors to access the guidance they need. The guidance is now available as part of the FCA's Handbook.

Firstly, the guidance will have an advanced search function, making it more user-friendly than a static PDF. This means that individuals will be able to easily search and navigate through the guidance to find the specific information they need. This is a welcome change, as the previous PDF format could make finding relevant information difficult and time-consuming.

Secondly, the FCA will be able to update the guidance from time to time, making it a more dynamic, responsive resource than is currently the case. This is a significant advantage as regulations and best practices can change over time, and having access to up-to-date guidance can help societies and their advisors ensure compliance and make better informed decisions.

The FCA's Mutuals Team has also refreshed the Mutuals pages of its website, providing a central hub for information on societies and their regulation. The website provides information on registration, reporting, and ongoing requirements for societies, as well as access to the FCA Handbook.

This change is a positive step forward for the FCA and societies. The new hyper-linked set of resources, combined with the refreshed website, provides a more user-friendly and accessible resource for societies and their advisors. The ability to update the guidance means that societies can stay informed about changes to regulations and best practices.

Overall, this is a change we welcome; improving the FCA's guidance and resources for societies, makes it easier for societies to comply with regulations and focus on achieving their goals.

If you would like to discuss any aspect of this article further, please contact our Co-operatives, Community Benefit Societies and Mutuals team on 0113 244 6100 or find out more on our dedicated website page.

You can also keep up to date by following Wrigleys CSE team on Twitter.

The information in this article is necessarily of a general nature. The law stated is correct at the date (stated above) this article was first posted to our website. Specific advice should be sought for specific situations. If you have any queries or need any legal advice please feel free to contact Wrigleys Solicitors.