UK guidance for insurance friendly societies aimed at transparency, lower costs
( July 22, 2026, 15:47 GMT | Official Statement) -- MLex Summary: Guidance on amalgamations and transfers of insurance friendly societies has been proposed by the UK prudential regulator with an aim to make this process more efficient without additional regulation. Friendly societies are mutual organizations owned and funded by their members, rather than by outside shareholders, with profits reinvested for the members' benefit. The Prudential Regulation Authority is consulting until Oct. 22 on proposals to codify its existing supervisory approach, including exercise of certain statutory powers. It said the guidance would raise transparency and cut unnecessary costs for friendly societies while maintaining protections.The consultation paper is attached....
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