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 arm’s-length body of the Ministry of Justice, to conduct reviews of the Co-operative and Community Benefit Societies Act 2014 and the Friendly Societies Act 1992. These two pieces of legislation underpin the co-operative movement and the friendly society sector in the UK, respectively.
These reviews will aim to identify necessary updates to the legislation that will set co-operatives and friendly societies up for future growth and success. This will include a comprehensive consultation with interested stakeholders in line with the terms of reference which will be agreed between HM Treasury and the Law Commission. At the end of the review, the Law Commission will produce a set of recommendations for reform for the Government to consider. Work is expected to start in the autumn.
This statement has also been made in the House of Lords