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The friendly societies industry has confirmed its support for draft legislation which has been released to give effect to recommendations contained in the Report on Reforms for Cooperatives, Mutuals and Member-owned Firms by Mr Greg Hammond OAM (the Hammond review).

In a short submission to Treasury – in response to the draft Treasury Laws Amendment (Mutual Entities) Bill 2018 – the Friendly Societies of Australia (FSA) said it fully supports an associated submission which has been provided by the Business Council of Co-operatives and Mutuals (BCCM) and the Customer Owned Banking Association (COBA).

The FSA has worked with the BCCM and COBA in advocating for changes to the Corporations Act to provide appropriate recognition of mutuals as a separate type of company and for alternative ways for mutuals to raise capital without demutualising.

The BCCM/COBA submission states the industry is broadly supportive of this legislation.

To view the FSA submission, please click here. To view the BCCM/COBA submission, please click here.

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