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Friendly Societies Act 1992 (c40) |
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www.friendlysocieties.co.uk |
Friendly Societies:
Friendly, or Benefit, Societies were first given legal status by an Act of
Parliament which received Royal Assent on 21 June 1793. However, many pre-dated
the Act by 50 to 70 years. The Act laid down the basic laws under which they
could operate.
Today friendly societies continue to encourage savings through pensions,
healthcare, insurance and banking. The 1992 Act enabled societies to
incorporate, take on new powers and provide additional financial services
through subsidiaries.
Being mutual organizations there are no shareholders to pay and so all generated
surpluses are used for the benefit of members. This is coupled with the
traditional personal service for which they are renowned.
For more information: