The Friendly Societies (General Charge and Fees) Regulations 1997

Explanatory Note

(This note is not part of the Regulations)

These regulations provide for a general charge to be paid by friendly societies towards the expenses of the Friendly Societies Commission. The charge is levied with respect to the Commission’s accounting year beginning 1st April 1997 and is expected to raise £840,000 (an increase of 8.4% from that raised for the accounting year beginning 1st April 1996). Each friendly society (subject to a requirement to pay a minimum of £225 and a maximum of £25,000) is required to pay a sum equal to its specified income, as identified in its annual accounts for the year ended 31st December 1996 and, where a society has a registered branch, the specified income of the registered branch.

These Regulations also, by regulations 5 and 6 and the respective schedules, require and prescribe fees to be paid for matters transacted under the Friendly Societies Act 1974 or the Friendly Societies Act 1992.

A review of the cost of supplying services and of the structure of fees has been undertaken to ensure that the transaction charges relate closely to the cost of delivering the service. As a result charges for the matters transacted in paragraphs 1 to 6(a), 6(d) to 15, 17, 18 and 20 to 30 of Schedule 2 have been increased by an average of 3% and fees have been introduced for the transaction of the matters described in paragraphs 31 to 35.

The Regulations also revoke the Friendly Societies (General Charge and Fees) Regulations 1996.