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Heritage
The Heritage of National Friendly
National Friendly, as we know it today, has gone through many changes since it was first established in 1868 by Reverend Canon George Portal, John Pares, William Rock Carling and David Williamson.
The new name
Originally named The Surrey County Benefit Society, the society expanded rapidly during the first three years of business and soon had members from way beyond the boundaries of Surrey. The name of the Society was changed to reflect this and became the National Deposit Friendly Society.
The National Insurance Act of 1911
With the introduction of the National Insurance act in 1911, it was decided that friendly societies should administer state benefits on behalf of the government, as it was not equipped to handle the scheme nationally. This new act meant that it became a legal requirement for all insured workers to join a recognised institution such as National Deposit.
Friendly societies across the country continued to administer the National Insurance Scheme until the National Health Service act was introduced in 1948. This groundbreaking legislation meant that people in Britain were entitled to free healthcare, at home or in hospital, as well as dental and ophthalmic services. Thanks to their past experiences within healthcare, a number of our staff were involved in helping to setup and run the newly formed NHS.
Friendly societies were released from their administrative duties and were no longer under any obligations to provide workers with health insurance so a new role was needed for the societies to survive.
A new role for friendly societies
National Deposit suffered during the transition period and 287,206 members left the society as a friendly society was no longer required to fund healthcare. National Deposit responded by changing its focus to providing life insurance and endowment policies and by 1966 funds had grown from £221,000 to £2.25 million.
From 1971 through to 1997 the society acquired four other friendly societies: The WH Smith & Sons, The Railway Deposit, The Brighton & Sussex Mutual Provident and, with agreement from their members, The National Ambulance Friendly Society.
The FSA
In 2003 the establishment of the FSA lead to the formation of the National Deposit Managing board, designed to strengthen corporate governance. The Board was made up of executive and non-executive directors.
What’s next?
We have exciting plans for 2011 and we are currently working on developing new products within the health, welfare and protection sector.