RFCCBS -1.3 Glossary
1Term |
Definition |
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 |