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Response to HM Treasury Consultation
on Cooperative and Credit Union Legislation
HM Treasury has been running a consultation on proposed changes to Co-operative and Credit Union legislation. Following the consultative roundtable events held by Co-operativesUK, we have now drawn up our response.
We see this consultation as an opportunity for our sector to engage with government on an important issue and as such are encouraging others to submit responses to the Treasury.
Our submission draws heavily on the intensive consultation and discussions held with our members and the wider sector, which we are now sharing here.
We appreciate some of the Treasury's document requests responses to technical questions, which not every one will feel comfortable responding to.
Our response document is available here in both PDF and MS Word format. If you support our position please feel free to use some or all of the content in the Word document to add to your own submission.
The deadline for responses to the Treasury is 12th September 2007.
Why YOU need to engage
We have had a strong steer from a number of sources suggesting that if our sector is to get legislation reform pushed up the priority list within the Treasury, the number of responses they receive will make a difference. The proposed review will cover all societies registered as industrial and provident societies - not just co-operatives and credit unions.
How to respond
If you don't feel you have the capacity to submit a detailed response, even a relatively short note would signify to the Treasury the level of interest and awareness across the wider sector.
Some of the Treasury's questions are of a technical nature, and may seem of little relevance, or you may feel unable to comment on them. To assist, we are making our own response to the consultation available in MS Word format, and are happy for you to cut and paste sections from this and amend as you see fit, for use in your own response.
Do we need reform?
The legislation has not been comprehensively updated for 114 years. This should speak for itself. If societies want to compete effectively and make best use of modern systems and technology then a legislative framework which is fit for purpose will help to achieve this.
Although the Treasury's document focuses on a number of questions, they state their intention to seek views from stakeholders on the scope of the review of mutual legislation in Great Britain.
Co-operativesUK believes that this is an important opportunity. Accordingly we have given a lot of thought to painting a picture for the future.
Our submission to the Treasury therefore sets out a clear vision: of a legislative framework that will enable co-operatives and societies to develop and innovate for decades to come; of an enabling environment that removes barriers, be they legislative, practical or invisible, and which also examines the role and function of the Registrar.
If you agree with our vision we would ask you to support it. You may wish to highlight particular areas of interest or concern to you - if any of our examples are helpful, please use them.
Above all we would really encourage you to respond to this consultation. We do have an opportunity to make a lasting difference, which you can directly contribute to in this way.
The deadline for submissions to the Treasury is 12 September 2007.
Please send your submission to:
Savings and Investment
International & Finance Directorate
1 Horse Guards Road
Tel: 0207 270 5291
Fax: 0207 270 4694
We would also be most grateful if you could also send a copy of your submission to us:
Co-operatives UK Limited
Manchester M60 0AS