Glossary

Definition of a Mutual Society

Clifford McDowell

So, what is the Definition of a Mutual Society? Mutual societies can be defined as being owned and democratically controlled by their members, put simply their objective is to benefit their members or the wider community.

There are more than 10,000 mutual societies across the UK. A mutual society could be anyone of the following:

  • building societies
  • registered societies (including co-operative and community benefit societies, formerly known as ‘industrial and provident societies’)
  • friendly societies
  • credit unions

Due to their nature and structure, those organisations defined as mutual societies are regulated directly by the Financial Conduct Authority (FCA) and as such do not need to register or file with Companies House. However, once they have been defined as a mutual society they will need to register directly with the FCA who will keep a copy of their public records. Registered Mutual’s will also need to file their annual returns with the FCA.

The FCA and the Prudential Regulation Authority (PRA) are also jointly responsible for regulating mutual societies which carrying out regulated activities. These include:

  • all building societies and credit unions who are authorised to accept deposits
  • some friendly societies are authorised to offer insurance

Regulated mutual societies will also have access to the:

Borrowers from societies with consumer credit activities registered with the FCA also have access to the Financial Ombudsman Service on issues relating to their loans.

Members and customers of societies not regulated by the FCA and PRA don’t have access to the Financial Ombudsman Service or the FSCS.

The Mutual Public Register is a record of mutual societies classified under the above definition, all those registered will be regulated by the Financial Conduct Authority. The FCA has information on societies currently registered, and those no longer registered.

 

For information on other types of companies regulated by the FCA take a look at Companies Excluded from Companies House Register Filings

×

Membership Level change

You have selected the Search membership level.

The price for membership is £0.00 now.

Create a FREE account to view the data!


Login Details Already have an account? Log in here

LEAVE THIS BLANK

About You

*

Terms and Conditions of use

Terms and Conditions

1. Acceptance the Use Of Doorda.com Terms and Conditions

Your access to and use of Doorda.com (the Website) , the property of Doorda Ltd (“Doorda”), is subject exclusively to these Terms and Conditions. You will not use the Website for any purpose that is unlawful or prohibited by these Terms and Conditions. By using the Website you are fully accepting these including any disclaimers stated therein . If you do not accept these Terms and Conditions you must immediately stop using the Website.

2. Credit card details

Doorda will never ask for Credit Card details and requests that you do not enter it on any of the forms on the Website

3. Advice

The contents of the Website do not constitute advice and should not be relied upon in making or refraining from making, any decision.

4. Non-Commercial Use

All content on the Website is for non-commercial use only and is issued under the Creative Commons Attribution-Non Commercial 4.0 International Licence .

5. Change of Use

Doorda reserves the right to:

(1) Change or remove (temporarily or permanently) the Website or any part of it without notice and you confirm that Doorda shall not be liable to you for any such change or removal
(2) Change these Terms and Conditions at any time, and your continued use of the Website following any changes shall be deemed to be your acceptance of such change.
and
(3) Discontinue access by any user at any time , such action being entirely at Doorda’s discretion

6. Links to Third Party Websites

The Website may include links to third party websites that are controlled and maintained by others. Any link to other websites is not an endorsement of such websites and you acknowledge and agree that we are not responsible for the content or availability of any such sites.

7. Intellectual Property

7.1 All copyright, trademarks and all other intellectual property rights in the Website and its content (including without limitation the Website design, text, graphics and all software and source codes connected with the Website) are owned by or licensed to Doorda or otherwise used by Doorda as permitted by law.

7.2 In accessing the Website you agree that you will access the content solely for your personal, non-commercial use. None of the content may be downloaded, copied, reproduced, transmitted, stored, sold or distributed without the prior written consent of the copyright holder. This excludes the downloading, copying and/or printing of pages of the Website for personal, non-commercial home use only.

8. Disclaimers and Limitation of Liability

8.1 The Website is provided on an AS IS and AS AVAILABLE basis without any representation or endorsement made and without warranty of any kind whether express or implied, including but not limited to the implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security and accuracy.

8.2 To the extent permitted by law, Doorda will not be liable for any indirect or consequential loss or damage whatever (including without limitation loss of business, opportunity, data, profits) arising out of or in connection with the use of the Website.

8.3 Doorda makes no warranty that the functionality of the Website will be uninterrupted or error free, that defects will be corrected or that the Website or the server that makes it available are free of viruses or anything else which may be harmful or destructive.

8.4 Nothing in these Terms and Conditions shall be construed so as to exclude or limit the liability of Doorda for death or personal injury as a result of the negligence of Doorda or that of its employees or agents.

9. Indemnity

You agree to indemnify and hold Doorda and its employees and agents harmless from and against all liabilities, legal fees, damages, losses, costs and other expenses in relation to any claims or actions brought against Doorda arising out of any breach by you of these Terms and Conditions or other liabilities arising out of your use of this Website.

10. Severance

If any of these Terms and Conditions should be determined to be invalid, illegal or unenforceable for any reason by any court of competent jurisdiction then such Term or Condition shall be severed and the remaining Terms and Conditions shall survive and remain in full force and effect and continue to be binding and enforceable.

11. Governing Law

These Terms and Conditions shall be governed by and construed in accordance with the laws of England and you hereby submit to the exclusive jurisdiction of the English courts.

 Click here to read full terms of use.
Join our mailing list.