Friendly Societies of Australia
is the peak industry body representing friendly societies throughout Australia,
which previously was known by the name 'Australian Friendly Societies Association'
(AFSA). Our Mission is to advance, promote, foster and protect the interests
of member societies, creating an environment where our members can continue
to service the needs of our community.
The core values of
member friendly societies are:
(i) Financial prudence,
(ii) Co-operation, (iii) Moral integrity, (iv) Trust, (v) Empathy and caring
for members and customers, and (vi) Social responsibility.
Since the earliest days of Australia's colonization, friendly societies have been grass root providers of specifically dedicated "life-event" financial products, insurances and other related services. Nowadays, friendly societies enable their members and the community to make responsible provision for life-events such as birth, education, accommodation, sickness, disability, accident, health, unemployment, retirement, old age and death.
Click here to download more information about friendly societies in Australia and the products and services they offer.
Friendly societies are both mutual organisations (owned by their members) and non-mutual organisations (shareholder owned) organisations. Some friendly societies are large, dealing in billions, whilst others are small, but all are focused on providing their members with quality products and services, while still maintaining a high standard of customer service. Friendly societies are regulated by the Corporations Act 2001 under the auspices of ASIC, and by other legislation depending on the types of products and services they offer. Friendly societies that offer financial products must be registered under the Life Insurance Act 1995 and are supervised by the Australian Prudential Regulatory Authority.
Products and services offered by friendly societies include:
· Health Insurance · Savings & Investments · Education Plans · Insurance · Financial Planning and Estate Planning ·
· Health Care · Superannuation · Pharmacies · Retirement living and accommodation · Aged Care · Hostels · Travel Services
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