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Treasury to allow Friendly Societies to own subsidiaries

Treasury economic secretary Patricia Hewitt has announced plans to allow Friendly Societies to own subsidiaries.


The Government has proposed changes to the 1992 Friendly Societies Act to put its plans into effect.


Hewitt says: “Friendly Societies carry out invaluable work by encouraging saving, especially by those of modest means. The movement has asked for the restrictions to be lifted. The Government has listened and acted.”

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