Co-operative and Community Benefit Societies Act 2014

8 Suspension of registration

(1) If any of conditions C to E in section 5 is met in relation to a society, the FCA may by notice in writing—

(a) suspend the society’s registration for a term not exceeding 3 months, and

(b) from time to time renew any suspension for a term not exceeding 3 months.

(2) The FCA must give a registered society at least 2 months’ notice in writing of the proposed suspension of its registration under subsection (1)(a), specifying briefly the ground of the proposed suspension.

(3) Where—

(a) a notice of proposed cancellation of a society’s registration is given under section 6, and

(b) before the end of the period of notice, the society appeals under section 9 against the proposed cancellation,

the FCA may by notice in writing suspend the society’s registration from the end of that period until the date the appeal is determined or abandoned.

(4) The FCA must consult the PRA before suspending, or renewing the suspension of, the registration of a registered society that is a PRA-authorised person.

(5) The FCA must ensure that, as soon as practicable after the suspension or renewal of suspension of a society’s registration, notice of the suspension or renewal is published in—

(a) the Gazette, and

(b) a local newspaper circulating in or about the locality in which the society’s registered office is situated.

(6) From the date of publication of the notice in the Gazette until the end of the period for which the society’s registration is suspended, the society is not entitled to any of the privileges of this Act as a registered society.

This does not affect any liability incurred by the society (which may be enforced against it as if the suspension had not occurred).