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The Government recently confirmed that it has no plans to appoint a Principal Regulator for Community Benefit Societies, and that “an appropriate body could not be found that was willing and able to take on the role”. However, it intended to “keep the position under review”.
Community Benefit Societies will therefore continue to be “exempt charities” for the foreseeable future, being registered with the Financial Conduct Authority and required to comply with charity law, but with no Principal Regulator.
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