The FCA is considering abolishing the annual fees it charges societies, which could save them between £67 and £495 a year, part of a series of proposals recently put out for consultation.
Sector body Co-operatives UK welcomed the suggestion, as well as the proposal to make it free for the public to access records on the Mutuals Register online – which currently costs £12.
Co-operatives UK points out that it is free to access similar records on the online Companies House register. It also argues that the cost to access the Mutuals Register has reduced its accessibility and utility as a public record, causing difficulties for societies.
Secretary general Ed Mayo said: “This is one more proof, alongside our work to reduce accounting fees by cutting the need for mid-year audits and our HR service which saves members money through joint purchasing, that Co-operatives UK is good for our members’ wallets. I’m proud of our advocacy on behalf of our members around regulatory fees and I certainly want to recognise the FCA for doing the right thing as a result by co-ops and credit unions.”
Co-operatives UK also suggested that the Mutuals Team at the FCA must continue to receive the funding necessary to carry out its “critical functions” as an “enabler of co-operative and community business” and as “a protector of the integrity of these special legal forms”.
In its response to the consultation, Co-operatives UK points out that increased investment in digital infrastructure in the Mutuals Team should result in lower costs and a better service for societies.
Co-operatives UK is encouraging members to respond to the consultation, which is open until 14 January 2019. Those interested in contributing can email their views to cp18-34@fca.org.uk or write to: David Cheesman, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.
