Co-operators have called on the Government to speed up its review of co-operative legislation.
A firm timetable has yet to be put in place for a Government consultation on the review of Industrial and Provident Society and credit union legislation, which was announced by Ed Balls MP, Economic Secretary to the Treasury and Labour/Co-op MP, last autumn.?
Delegates at the recent Co-operating with Change conference showed their frustration at the delay and lack of a clear schedule was evident.
Dame Pauline Green, Chief Executive of Co-operatives UK, told the News: "Co-operating with Change was organised as an opportunity for co-operators and credit union members to put their views to the Treasury about the reforms they want to see to co-operative legislation. As a timetable for the consultation has yet to be revealed, it is understandable that many people feel frustrated."
Mark Lyonette, Chief Executive of the Association of British Credit Unions, added: "Credit union and co-operative legislation is outdated and restrictive. We have been pressing for a review of the legislation for some time, and we were absolutely delighted with Ed Balls' announcement last year. Our hopes have been raised, so now we're eager for the Government to get on with it."
Sammy Amissah, Mutuals Policy Analyst at the Treasury, outlined the Government's commitment to the mutual sector and the need for a review.?
He put forward the Treasury's latest thinking on areas for reform, which covered issues as diverse as funding and share capital, corporate governance, accounting and audit arrangements and electronic communications. Representatives from the Financial Services Authority were on hand to deal with questions relating to credit union and
Almost 100 people attended the Co-operating with Change conference at New Century House in Manchester and this is one of a series of consultation events planned by ABCUL and Co-operatives UK around the country.?
For details about other events taking place members should contact ABCUL or Co-operatives UK.