The friendly societies industry is supportive of a second tranche of draft legislation which is seeking to implement the recommendations contained in the Report on Reforms for Cooperatives, Mutuals and Member-owned Firms by Mr Greg Hammond OAM (the Hammond review).
On behalf of the industry, the Friendly Societies of Australia (FSA) has been working with the Business Council of Co-operatives and Mutuals (BCCM) and the Customer Owned Banking Association (COBA) to analyse an exposure draft of this legislation.
To view the FSA’s short submission to Treasury on the draft legislation, please click here.
The FSA’s submission is fully supportive of the BCCM/COBA submission, which can be viewed by clicking here.
The FSA participated in a similar consultation process late in 2018 on the first tranche of draft legislation on reforms for co-operatives and mutuals.