Question to the HM Treasury:

To ask Her Majesty’s Government whether they consider that the Financial Conduct Authority’s responsibilities for the oversight of cooperative societies are sufficient to protect the interests of members and creditors.

The Financial Conduct Authority acts as the registrar for cooperative societies; it has no regulatory function in respect of cooperative societies where they are not authorised firms. The Government considers that this role is appropriate. The FCA was given additional powers in relation to this role in April 2014.