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Co-operatives, Mutuals and Friendly Societies Act 2023

We are delighted that Sir Mark Hendrick’s Co-operatives, Mutuals and Friendly Societies Act received Royal Assent on 23 June 2023.

We would like to thank Sir Mark Hendrick MP for steering the Bill through the House of Commons and Lord Roy Kennedy of Southwark for his leadership in the House of Lords.

The Act will preserve mutual ownership by ensuring that assets may only be used for the purpose they were intended. This will ensure they cannot be distributed to members or third parties and therefore disincentivises demutualisation.

We also welcome the Government’s commitment to review the Co-operative and Community Benefit Societies Act 2014 and Friendly Societies Act 1992. Conducted by the Law Commission, the review is currently underway.

Mutuo Managing Partner Peter Hunt said: “It’s been a great pleasure to work with Sir Mark and Lord Kennedy on this landmark Bill to safeguard mutual assets for the purpose they were intended. This legislation is significant, progressive and historic. It offers co-operatives and mutuals the opportunity to put the threat of demutualisation behind them for good. We look forward to further reforms to safeguard the future of the co-operative sector.”

 

View more information about the Bill

View the Third Reading debate

View more about the All-Party Parliamentary Group for Mutuals

Speak to us

PO Box 71312
LONDON SE17 9DL

Mark Willetts
mark@mutuo.coop