Written by Ciara Davies

The FCA has updated its webpages on its responsibilities to mutual societies and on mutual societies’ annual returns and accounts.

Some societies are still experiencing delays in producing annual returns and accounts because of COVID-19 pandemic. The FCA asks societies to take steps to submit their returns as soon as reasonably practicable. However, it has confirmed that it will not be taking any action before 31 October 2020 for delayed submissions (where that delay is three months or less).

The FCA will also not take any action on delayed submissions for accounts due by 30 April 2021, where the delay is three months or less. Societies do not need to inform the FCA about such a delay.

 The FCA has informed societies that it is for them to reach decisions about whether to go ahead with any planned member meetings, although they should make any decision taking into account relevant government guidance, individual circumstances and, where appropriate, legal advice.