Friendly societies throughout the region are in serious numerical decline.
The main sources used in this article are reports from the Registrar of
Friendly Societies and later reports by the Registrar on Building Societies.
Mutual insurers have existed in the UK for hundreds of years in the form of
friendly societies and mutual insurance companies.
British
friendly societies have often been cited as exemplars of working-class self-help (or mutual) aid, embourgeoisement, and conservatism, while the organizations are often seen to have achieved their greatest influence and popularity in the mid-Victorian era.
One of the oldest
Friendly Societies still operating today is the Shepherds which was founded as long ago as 1826; the Society has a solid base of over 27,000 members located around the UK, yet an enlightened board and management team have made major advances in recent years in building a significant third party business through IFA's and intermediaries.
Friendly societies can be traced back to 1793 when an act was passed giving them legal status.
Gosden (1961), and Simon Cordery (2003) with regard to English
friendly societies; and David Beito (2000) with regard to U.S.
When building societies were
friendly societies and mortgages were issued on the basis of three and a half times the main applicant's salary, they were run for the benefit of all their customers - not just the fat cat directors and shareholders.
A
FRIENDLY societies provide savings plans with special tax-free benefits for regular savings of up to pounds 25 per month.
A THERE are a number of children's savings plans offered by
Friendly Societies that accept a maximum monthly contribution of pounds 25.
Simon Cordery's examination of British
friendly societies is a long-overdue look into the origins, operations, social significance, and ultimately, decline and demise of one of the most significant contributions to nineteenth century economic, social development in liberal and industrial Great Britain.