Legal News for UK Co-ops and Mutuals

This is a blog where brief information about developments in UK Co-op and mutual law will be reported. Readers of this blog will also find Linda Barlow's Co-operatives UK Blog at http://www.uk.coop/blogs/linda.barlow helpful. For an network of academics working on co-ops, mutuals and social enterprises visit http://blogs.kent.ac.uk/r-comuse/2012/09/welcome-to-r-comuse/

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Interested in sharing information and knowledge around legal issues for co-ops and social enterprises in the co-oplawnews blog and thoughts on random issues in the "real" blog.

Thursday, May 25, 2006

Credit Union Chairman Banned by FSA

The FSA has made an order prohibiting the Chairman of a credit union from carrying out any regulated activity in respect of credit unions.

This was the result of a property deal whereby the credit union invested in land in a way not permitted by the CUA 1979 and without adequate security or full knowledge on the part of the credit union board or members' meeting of the Chairman's personal financial interest.

For the press release and a link to the full "Final Notice" - the legal document carrying out the decision visit:

http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/046.shtml

posted by Ian Snaith | 3:15 AM

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