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John Gilbert
John Gilbert

MMG Advisory Services Limited

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1 Contributions by MMG Advisory Services Limited Experts

UK friendly societies: registration, incorporation, permitted activities and FCA/PRA regulation, reporting and transfers under the Friendly Societies Acts 1974 and 1992
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UK friendly societies: registration, incorporation, permitted activities and FCA/PRA regulation, reporting and transfers under the Friendly Societies Acts 1974 and 1992
What is a friendly society? Since the first Friendly Societies Act in 1793, friendly societies have been subject to registration and regulation. Two Acts now govern the area: the Friendly Societies Act 1974 (FSA 1974) and the Friendly Societies Act 1992 (FSA 1992). Before FSA 1992, all friendly societies were unincorporated associations of individual members. Although unincorporated societies may continue, the larger ones have become bodies corporate under FSA 1992, and any new societies must be created as incorporated societies. A friendly society is a type of mutual society: a voluntary association of individuals who subscribe for provident benefits, meaning benefits intended to meet future needs. Today, every friendly society must include among the benefits it offers at least one of the permitted activities listed in FSA 1992, Sch 2, and may in addition pursue social or benevolent purposes and other
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