According to a email I just received from the FairShares Association:
The Financial Conduct Authority has accepted Model Rules for a FairShares Cooperative
The Financial Conduct Authority is the UK’s regulator for Co-operatives and Community Benefit Societies. Their acceptance of our model rules means that people who wish to register bone fide co-operatives in Great Britain (England, Wales, Scotland) can register for £40, instead of £995. To prepare a set of rules for your new co-operative, use the FairShares Rules Generator.
As far as I’m aware this means that there are now 3 sets of model rules to choose from if you want to establish a multi-stakeholder co-operative in the UK, the FairShares rules, the Co-operative UK rules and the Somerset Rules (the ones Webarchitects uses).