Government promotes industrial and provident societies

Since the current UK government was formed in 2010, it has been keen to promote industrial and provident societies (IPSs) and mutuals as part of the diversity of the UK economy. In July 2013, it published a consultation on reforming the law governing IPSs and in December it published its responses, which included introducing the Co-operative and Community Benefit Societies Bill into Parliament.

IPSs were introduced as a legal form by the Industrial and Provident Societies Act 1965. This created two types of co-operatively owned societies: co-operative societies (businesses owned and run by and for their own members) and community benefit societies (businesses operating for the benefit of their community, e.g. housing associations). The IPS structure, currently regulated by the Financial Conduct Authority, remains popular in the UK, with more than 7,600 IPSs currently active and a membership of more than 15 million. They cover a wide range of businesses and industries, from public service mutuals to wind farms, football clubs to credit unions. The government wants to keep the unique features of the traditional IPS form so that the sector stays focused on serving its members and can contribute further to the success of the UK economy.

The consultation proposed bringing into force a number of provisions in the Co-operative and Community Benefit Societies and Credit Unions Act 2010 (CBSA), which until now have not been implemented…

Click on the link below to read the rest of the Walker Morris briefing. 

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Walker Morris

View more briefings from Walker Morris

Analysis from The Lawyer

View more analysis from The Lawyer


Kings Court
12 King Street

Turnover (£m): 42.50
No. of lawyers: 188