Cobbetts advises FSA on new mutuals plan

COBBETTS is advising the Financial Services Authority about the guidance which should be given to those wanting to establish new mutuals.
 
Partners at the Birmingham-based law firm, who specialise in developing innovative approaches to deliver public services, have written a paper on the criteria that need to be met for organisations to be registered as co-operatives or community benefit societies.
 
The FSA has launched a consultation based on the paper which will see the boundaries of organisations established to benefit the community they serve and the way in which they raise capital being overhauled. It is expected that new guidance will be issued when new statutory provisions affecting societies come into force.
 
Kevin Jaquiss, partner at Cobbetts, said: “At a time when the government is placing huge stress on innovative structures being used as vehicles for public sector delivery, it’s great to see the FSA developing a fresh and up-to-date approach.
 
“It is extremely important that those who are genuinely committed to delivering community benefit can register as a community benefit society – we hope our advice will aid the FSA in making clear which organisations can be registered, and how they can be funded.”