A friendly society is a mutual association for the purposes of insurance, pensions, savings or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose. Before modern insurance and the welfare state, friendly societies provided financial and social services to individuals, often according to their religious, political, or trade affiliations. These societies are still widespread in many parts of the developing world, where they are referred to as ROSCAs, ASCAs, burial societies, chit funds, etc.
The Independent Order of Rechabites (IOR), also known as the Sons and Daughters of Rechab, is a fraternal organisation and friendly society founded in England in 1835 as part of the wider temperance movement to promote total abstinence from alcoholic beverages. The Order has been active in Australia from 1843, promoting temperance and as a benefit society. A branch was established in the United States in 1842, and also flourished for a time. In the United Kingdom, the Order trades under the name of Healthy Investment, being well connected in upper society and involved in financial matters; there it gradually transformed into a financial institution which promotes teetotalism.
A benefit society, fraternal benefit society, fraternal benefit order, friendly society, or mutual aid organization is a voluntary association formed to provide mutual aid, benefit, for instance insurance for relief from sundry difficulties. Such organizations may be formally organized with charters and established customs or may arise ad hoc to meet the unique needs of a particular time and place.
An industrial and provident society (IPS) is a body corporate registered for carrying on any industries, businesses, or trades specified in or authorised by its rules.
The United Kingdom is home to a widespread and diverse co-operative movement, with over 7,000 registered co-operatives owned by 17 million individual members and which contribute £34bn a year to the British economy. Modern co-operation started with the Rochdale Pioneers' shop in the northern English town of Rochdale in 1844, though the history of co-operation in Britain can be traced back to before 1800. The British co-operative movement is most commonly associated with The Co-operative brand which has been adopted by several large consumers' co-operative societies; however, there are many thousands of registered co-operative businesses operating in the UK. Alongside these consumers' co-operatives, there exist many prominent agricultural co-operatives (621), co-operative housing providers (619), health and social care cooperatives (111), cooperative schools (834), retail co-operatives, co-operatively run community energy projects, football supporters' trusts, credit unions, and worker-owned businesses.
Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world.
Norwich & Peterborough Building Society (N&P) is a trading name of Yorkshire Building Society based in Bradford, West Yorkshire. Formed by the merger of the Norwich and Peterborough building societies in 1986, at the time of merger with YBS, it was the ninth largest building society in the United Kingdom, with assets in excess of £4.9 billion.
Socially responsible investing (SRI) is any investment strategy which seeks to consider financial return alongside ethical, social or environmental goals. The areas of concern recognized by SRI practitioners are often linked to environmental, social and governance (ESG) topics. Impact investing can be considered a subset of SRI that is generally more proactive and focused on the conscious creation of social or environmental impact through investment. Eco-investing is SRI with a focus on environmentalism.
Monmouthshire Building Society is a building society based in Newport, Wales. The society provides several building society services including a range of mortgage and savings products, insurance, financial planning, legal services, and funeral plans, some of which are provided via third-party companies.
The Foresters Friendly Society is a British friendly society which was formed in 1834 as the Ancient Order of Foresters. As of 31 December 2016, the society had approximately 75,000 members. Its head office is located in Southampton, England.
Co-op Insurance is the trading name of CIS General Insurance, a general insurance company, which is part of the Co-operative Group, based in Manchester, United Kingdom. Co-op Insurance Services, an insurance intermediary incorporated in 2017, is a wholly owned subsidiary of CIS General Insurance.
Moneyfacts Group Plc is a financial information company founded in 1988 based in Norwich in the United Kingdom, employing over 80 people.
UIA Mutual was a mutual insurance company in the United Kingdom, providing general insurance products to members of the trade union movement and other not-for-profit organisations. It was a member of the Association of British Insurers, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority. UIA Limited was a wholly owned subsidiary, authorised and regulated by the Financial Conduct Authority.
Shepherds Friendly Society is a UK friendly society and one of the oldest mutual insurers in the world.
Engage Mutual Assurance was a financial products provider based in Harrogate, North Yorkshire. It operated as a mutual friendly society with no shareholders, and was owned by its 500,000 members.
Scottish Friendly Assurance Society Limited is a leading UK mutual life and investments organisation. It provides a range of investment and protection products and provides life and investment products and services to other financial organisations. The largest life offices in Scotland, Scottish Friendly is based in Glasgow, United Kingdom and operates throughout the UK and Ireland. It has over 712,000 members and over 1 million policyholders. As of 29 December 2019, the society looked after assets worth over £5.3 billion.
Credit unions in the United Kingdom were first established in the 1960s. Credit unions are member-owned financial cooperatives operated for the purpose of promoting thrift, providing credit and other financial services to their members.
London Capital Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Archway and operating across London and the South East.
The Co-op Credit Union is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom.
