The Association of Financial Mutuals (AFM) had welcomed a new review of the Friendly Societies Act 1992 which will be conducted by the Law Commission in coming months.
The announcement of the review is an "important first step" in modernising the legal and regulatory framework for Friendly Societies. The AFM said it has campaigned for a "comprehensive" reform of Friendly Societies legislation for years, and the review will ensure competition between Friendly Societies and other insurance companies is equal. It will also allow Friendly Societies to continue to serve the "best interests" of their members and to "deliver superior outcomes," the association added. The government asked the Law Commission to review the Friendly Societies Act during par...
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