Friendly society

Friendly societies are registered under either the Friendly Societies Act 1974 or the Friendly Societies Act 1992. There are the following types of society registered under the Friendly Societies Act 1974: * friendly societies * working men's clubs * benevolent societies * cattle insurance societies * specially authorised societies

The activities of these societies varies, but includes: * running a social club * providing discretionary benefits to members – for instance during sickness or unemployment * running sports clubs * managing allotments * insuring cattle

Some friendly societies are still governed by the 1974 act, although no new societies can be registered under that act. Friendly societies registered under the Friendly Societies Act 1992 are incorporated entities and are registered for effecting and carrying out contracts of insurance.

Similar organisations were called industrial and provident societies. They are trading businesses or voluntary organisations. Recent legal developments in Great Britain include the Co-operative and Community Benefit Societies Act 2014, which has renamed these societies as co-operative or community benefit societies. Examples include co-operatives for consumers, workers, agriculture and housing, working men's clubs, Women's Institute markets, allotment societies, mutual investment companies, housing associations and some social enterprises. Many sports clubs are registered under these provisions.

Friendly societies, alongside other mutual societies, are registered with the Financial Conduct Authority. Until December 2001, the regulator was the Registrar of Friendly Societies, and from then until April 2013 the Financial Services Authority. Provided by Wikipedia