Isobel Langton comments on the recent Law Commission’s recommendations for friendly societies.

“The Law Commission’s recommendations are a welcome step towards modernising friendly society legislation, while the AFM’s call for swift action underlines the need to turn that progress into meaningful reform.

Friendly societies have a distinctive role to play in helping people build financial resilience and access products designed around member needs rather than shareholder returns. Modern, proportionate legislation is essential if the sector is to continue growing, innovating and serving future generations of members. 

The proposed reforms provide a practical and well-balanced route to achieving this, while preserving the protections and governance standards that underpin confidence in the sector. The priority now should be delivery. The Government must move quickly to turn these recommendations into law and unlock the full potential of friendly societies across the UK.”