ABOUT THE FSA
The Friendly Societies of Australia (FSA) is the industry association for Australia’s friendly societies which are regulated by the Australian Prudential Regulation Authority (APRA), the majority of which are member-owned mutual organisations.
The FSA was established in 1995.
Until 2009, the FSA was known as the Australian Friendly Societies Association.
Members of the FSA are special types of life insurance companies.
FSA members primarily provide financial services to more than 800,000 members.
Collectively, our industry manages approximately $7.5 billion in funds.
Annually, more than $800 million in benefits are paid out by friendly societies.
The purpose of the FSA is to provide collective representation of the industry in order to:
- Protect the benefits of membership of friendly societies;
- Increase demand for friendly societies products and improve the prospects of the industry by defending and sustaining prevailing product and operational benefits, and securing improved product and operational benefits;
- Gain efficiencies and reduce duplication for member organisations; and
- Encourage the highest standards of ethical behaviour and corporate governance.