RFCCBS -1.3 Glossary

Board (or ‘Board of Directors’)

The ‘committee of management’ as per s14 of the Co-operative and Community Benefit Societies Act 2014. This being the main governing body with ultimate responsibility for the society

Committee

The committee of management, otherwise known as the ‘Board of Directors’

Exempt charity

A charity which is a community benefit society and which is therefore currently exempt from registration with the Charity Commission

FCA

Financial Conduct Authority

FSMA

Financial Services and Markets Act 2000

OSCR

Office of the Scottish Charity Regulator

Pre-commencement society

A society registered (or deemed registered) before 1 August 2014, previously referred to as an industrial and provident society

Registered society

All societies registered (or deemed registered) under the Co-operative and Community Benefit Societies Act 2014 including pre-commencement societies

Regulated housing association

In England and Wales, a ‘registered provider’ regulated by the Homes and Communities Agency; in Scotland, a ‘registered social landlord’ regulated by the Scottish Housing Regulator; in Wales, a ‘registered social landlord’ regulated by the Welsh Ministers

SCIO

Scottish charitable incorporated organisation

Society

All societies registered (or deemed registered) under the Co-operative and Community Benefit Societies Act 2014 including pre-commencement societies

Statutory Asset Lock

The asset lock under The Community Benefit Societies (Restriction on Use of Assets) Regulations 2006

The Act

Co-operative and Community Benefit Societies Act 2014