The registration of mutual societies should be transferred from the Financial Services Authority to Companies House, a charity law firm has told a Treasury consultation on better financial regulation.
Malcolm Lynch, head of charity and social economy at Wrigleys, said in his response that Companies House had proved itself to be an effective registrar for limited liability partnerships and community interest companies, and was able to provide information on these legal forms easily and quickly, for £1. He said it could provide information on mutuals on the same terms. The FSA charges up to £80 and takes up to 15 days, he wrote.
Lynch said the Department for Business, Information and Skills, rather than the Treasury, should be the department responsible for creating policy on mutual societies.
"HM Treasury's main responsibilities are for economic and financial policy, whereas that of the Department for Business, Information and Skills is business," he said in his letter. "Mutual societies are simply another form of business."