Petitioning Andrew Bailey, Chief Executive, Financial Conduct Authority

Protect the name “co-operative” now!

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We now learn that theUnited Kingdom's Co-operative Bank is to be sold. The danger is that the bank will be sold to international investors without the name of the bank being changed.

We owe it to the members of the thousands of genuine co-operatives operating within the United Kingdom, to make sure that the integrity of the word "co-operative” is maintained.  These are co-operatives that are often essential in their daily lives. We should also understand that any many parts of the world co-operatives are vital to the wellbeing millions of people, so we should no allow the word ‘co-operative’ to be misused.

We want to get the UK regulator to exercise his power to stop the misuse of the term "Co-operative". I have worked with co-operatives in more than 40 different countries and I know how important it is that when an organization is called "co-operative" that it is truly genuine.

 

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  • Andrew Bailey, Chief Executive, Financial Conduct Authority

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