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FCA cancels registration of 442 mutual societies

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FCA cancels registration of 442 mutual societies

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The Financial Conduct Authority cancelled the registration of more than 440 mutual societies last year, most of which had already been wound up.

Their registrations were cancelled for failing to submit annual returns and accounts after being sent a notice by the FCA.

The FCA said that in 2023 it cancelled the registration of 442 societies registered under the Co-operative and Community Benefit Societies Act 2014.

Registered societies include co-operative societies, community benefit societies, credit unions, building societies and friendly societies.

No building societies or credit unions appeared to be among those that lost their registration last year but the FCA cancelled the registration of 36 societies registered under the Friendly Societies Act 1974, most of which appeared to be social clubs.

They included such names as the Butt Lane Working Men’s Social Club, the Alvechurch Sports and Social Club, the Burnley Concert Artistes’ Association Social and Working Men’s Club, and the Shaw Lane and Battle Flat Miner’s Welfare Club and Institute.

Other working men’s clubs which lost registration during the year were based in places such as Ashfield, Brookside, Norton East, Bulford and District, Yeovil, Kirkheaton, Marske-By-The-Sea, Scunthorpe and Frodingham, Millbridge, Royston, Merchiston, Edenbridge and South Acton (one of the oldest in the UK, registered in 1873), along with the Charlemont Bowling Club. 

There were also a number of community benefit societies which failed during the year. Among them was the West Ham Supporters Society Limited, which had been set up in Kingston in 2001 “to strengthen the bonds between the club and supporters.”

It appeared to have no links to the Ironworks 1895 Supporters Society Limited, trading as the West Ham United Supporters’ Trust, another registered society. It also appeared to have no links with the West Ham United Supporters’ Club, also known as the Hammers Social Club, which was formed in 1947.

Other supporters’ societies which lost their registration last year included those linked to supporters of Doncaster Rugby League, Kettering Town, Rotherham United, Motherwell FC, Chesham United, Chesterfield, Notts County, Aberdeen, Queen of the South, Elgin City and Shrewsbury Town FC.

Other sporting-linked societies which lost FCA registration in 2023 included the Essex Rugby Union Referees’ Society, London Nigerian Rugby Football Club, Rumney Rugby Football Club, Hemel Stags Rugby League Club and Cranbrook Rugby Football Club.

There appeared to be a number of local Royal British Legion clubs which lost their registration last year.

The Royal British Legion was set up in 1921 as an Armed Forces charity and is behind November’s annual Red Poppy campaign. It now has 180,000 members, 110,000 volunteers and a network of partners and charities. It has branches across the country but some 28 local clubs lost their registration in 2023.

They were listed as Brandon and Meadowfield, Fraser Hall, Lytchett Matravers and Morden, Battle, Manor Park Hall, Olton, Perry Common No 1, Cullompton, Skegby, Tenby, Tywardreath, Droitwich, Aberaman, Bedwyn and District, Bloxwich, Bognor Regis, Woolton, New Moston, Shirebrook, Formby, Grange over sands and District, Thatto Heath, Newport Pagnell, Gillingham (Kent), Haslingden, Friern Barnet, Hanworth, Newton Abbot.

Conservative Clubs were another nationwide organisation which saw a number of their local branches lose their FCA registration as societies last year. Local Conservative Clubs affected included Surbiton, Haltwhistle and District, Wellesbourne, Broad Green, Leigh, Bollington and Pott Shrigley, Chipping Barnet, Scunthorpe, North Oxford and Glyncorrwg.

The FCA notice does not record why each society ended up losing its registration. Neither are there many details, beyond registration and deregistration dates and addresses, on the FCA’s Mutual Public Register at mutuals.fca.org.uk, although it is possible to find the annual returns and accounts listed there, for those societies that published them. In most cases the societies had been wound up or ceased to require registration.


 

 

 

 



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