HISTORIC PRESS RELEASE : Raising the Profile of Friendly Societies [September 1997]

The press release issued by HM Treasury on 25 September 1997.

Friendly societies were today told to raise their national profile and play their part in giving consumers an alternative to their more commercial competitors by the Economic Secretary, Helen Liddell.

Speaking at the Association of Friendly Societies’ Conference in Leicester, the Minister also told the delegates that the Association had a key role to play as the Government re-shapes financial services regulation. She said:

“As the Government redraws the structure of financial services regulation, your Association will have a key role in ensuring that the new structure will take into account the distinct needs of your unique contribution to the [financial services] industry.

“It would be illogical to have Friendly Societies outside NewRO. More than that, it would have sent the wrong signal about the value we place upon the societies work.

“Placing friendly societies’ regulation at the heart of the financial services regulator will help us to create the kind of financial climate that will allow your members to prosper and grow.

“This is an opportunity for fresh thoughts, new initiatives and modernised practices. But the principles on which they are based are already with us. They are timeless: mutual respect and assistance, the values of community. They are as valid today as they were when friendly societies were first created.”