Welcome to the March issue of the Heavyweight, with developments
in this month's banking and insolvency law. Some interesting
items to note this month:
Cheques - I have included a full note of the UK
Payments Council's submission to the Treasury Select Committee
which sets out the reasons for opening the debate on the abolition
of cheques. This is followed in the Heavyweight by the response of
the robust Mr McFall, "we are not convinced that cheques are
in terminal decline and I think you really have to reappraise
that."
Industrial and Provident Societies are no
longer to be known by that name. They are now to be called
"co-operative society" or a "community benefit
society" and once The Co-operative and Community Benefit
Societies and Credit Unions Act 2010 (Royal Assent on 18 March
2010) comes into force, any new society (other than a credit union)
will need to be registered with the FSA.
