The number of co-operatives and community benefit societies deregistered by the Financial Conduct Authority (FCA) decreased by 9% year on year in 2015. A total of 148 societies were deregistered as of 18 December, 185 were removed from the register in 2014.
From 1 January 2015 to 18 December 2015, 74 societies had their registrations cancelled at their request. Of these, 63 were industrial and provident societies registered before 1 August 2014, which are referred to as pre-commencement societies by the FCA. Three were community benefit societies registered after 1 August 2014. Others were friendly societies.
Some 71 societies had their registrations cancelled following a transfer of engagements, dissolution or winding up. Of these, 64 were pre-commencement societies. One was a community benefit society. Six were credit unions.
Three pre-commencement societies had their registrations cancelled by the FCA for non-submission of annual returns. There are currently a number societies to whom the FCA issued a notice stating its intention to cancel their registration due to non-submission of annual returns and it expects to make many more cancellations in 2016. No societies were suspended in 2015.
In 2014, 185 co-operative and community benefit societies were removed from the register (as of 25 November). Of these, 19 converted to company status and 12 registrations were cancelled at the FCA’s volition. Some 69 registrations were cancelled at the society’s request and 85 were cancelled following dissolution of a society or transfers.
In 2013, 317 societies were removed from the register: 14 due to conversions, 109 at the FCA’s volition, 81 at the society’s request and 113 following dissolution or transfers.