UK Act of Parliament 2014 United Kingdom

Co-operative and Community Benefit Societies Act 2014

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At a glance

Enforced by

FCA, CIC Regulator

What's here

56 compliance obligations, 1 practical guide · 1 journey

Penalty landscape

5 of 56 obligations carry a fine up to £1,000. 9 carry different penalties and 42 have no criminal penalty — flagged in the list below.

Who this Act binds

Business-side actors with duties under this Act, ranked by how often they appear.

  • Director or Officer 22
  • Trader 15
  • Any Person 14
  • Employee 1

Plus 4 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.

Step-by-step journeys using this legislation

Walkthroughs that take you from a real business situation to compliance.

Relevant guidance

Practical guides for businesses affected by this Act, ordered by how closely they engage with it.

Supporting — topic alignment

1 guides

Other Acts binding the same actors

For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.

Directors and Officers also bound by 224 other Acts (top 5 shown)
Traders also bound by 219 other Acts (top 5 shown)
Any Person also bound by 749 other Acts (top 5 shown)
Employees also bound by 53 other Acts (top 5 shown)

What this Act requires

Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.

Part 1 — Registration

s.008

Suspension of registration

Other duties (1) — Crown / regulator
  • FCA must provide notice and publish details of registration suspension Statutory regulator
Browse 6 other sections in this Part — procedural / definitional / commencement

Part 2 — Name, rules, powers etc

s.014

Content of a society's rules

  • Include required information in your society's rulebook Trader
  • Include required matters in your society’s rules Director or Officer
Browse 14 other sections in this Part — procedural / definitional / commencement

Part 3 — Members and officers

s.030

Register of members and officers

  • Maintain a member and officer register at your society’s registered office Director or Officer
  • Maintain a register of members and officers Trader
s.039

Section 37: procedure on death

  • Manage the transfer of property or shares following a member's death Director or Officer
  • Transfer or pay nominated assets on a member’s death Director or Officer
Browse 9 other sections in this Part — procedural / definitional / commencement

Part 4 — A society's capacity and related matters

s.050

Common seal

Fine up to £1,000
  • Use a common seal without the society’s name engraved Director or Officer
Browse 14 other sections in this Part — procedural / definitional / commencement

Part 5 — Charges over a society's assets

Browse 7 other sections in this Part — procedural / definitional / commencement

Part 6 — Banking and lending by societies

Browse 6 other sections in this Part — procedural / definitional / commencement

Part 7 — Accounts, audit and annual returns

s.076

Form of books of account

  • Keep proper books of account and protect them from falsification Trader
  • Secure digital or alternative accounting records against falsification Trader
s.087

Auditors: content of report and powers

  • Cooperate with auditors and keep proper books of account Director or Officer
  • Grant auditors full access to books and information Director or Officer
s.089

Annual returns

  • File annual return with the FCA Director or Officer
  • Submit an annual return and accounts to the FCA Trader
s.097

Remuneration of qualified auditors

  • Auditors must not charge more than the maximum prescribed rates Any Person
  • Pay auditors no more than the rates set by Treasury regulations Trader
s.098

Group accounts

  • Prepare and file audited group accounts for your society and subsidiaries Director or Officer
  • Prepare and submit audited group accounts for subsidiaries Trader
Browse 19 other sections in this Part — procedural / definitional / commencement

Part 8 — Inspection and investigations

Browse 3 other sections in this Part — procedural / definitional / commencement

Part 9 — Amalgamations, conversions, dissolution etc

Browse 7 other sections in this Part — procedural / definitional / commencement

Part 10 — Offences

s.129

Continuing offences

Unlimited fine
  • Continue to breach a co‑operative society offence Any Person
Browse 2 other sections in this Part — procedural / definitional / commencement

Part 11 — Miscellaneous and general

Browse 11 other sections in this Part — procedural / definitional / commencement

Part 12 — Final provisions

Browse 6 other sections in this Part — procedural / definitional / commencement

Schedules

Browse 7 other Schedules — structural / supplementary
Read the full Act on legislation.gov.uk (opens in a new tab)

Official guidance

Authoritative sources published by regulators or government explaining this legislation.

Enforcement and responsible bodies

The regulators that administer or enforce this legislation.

FCA

Primary

Financial Conduct Authority

Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …

CIC Regulator

Office of the Regulator of Community Interest Companies

Regulates Community Interest Companies, a special type of limited company for social enterprises that use profits for community benefit. Approves CIC registration …

Explore more

Browse legislation

Find other UK business legislation with related guidance.

Regulators

Learn more about the bodies that enforce this legislation.