Provident association

An industrial and provident society (IPS) was a legal entity for a trading business or voluntary organisation in the United Kingdom, the Republic of Ireland, and New Zealand. The name is still used in New Zealand, the Republic of Ireland and within the UK in Northern Ireland.

Recent legal developments in Great Britain include the Co-operative and Community Benefit Societies Act 2014, which has renamed these societies as co-operative or community benefit societies. From 1 August 2014 a new society has had to register as either a co-operative or a community benefit society rather than, as was the case previously, a society that meets either requirement. Societies already registered before that date remain registered under the 2014 Act and under ss 1 & 2 of the 2014 Act all three types of society – co-operative societies, community benefit societies, and societies already registered before 1 August 2014 – are referred to together as "registered societies". However, for administrative purposes the three types of society are categorised separately.

The Act applies to Great Britain but not Northern Ireland.

See Co-operative and Community Benefit Societies Act 2014 for information about the current law on these societies.

In 1965, an act of Parliament came into effect called the Industrial and Provident Societies Act 1965.

In 2006, the Friendly and Industrial and Provident Societies Act 1968 (Audit Exemption) (Amendment) Order 2006 increased the audit exemption threshold level for industrial and provident societies to £5.6 million. Also the Charities Act 2006 removed certain exemptions of charitable IPSs in England and Wales. From that point, charitable IPSs had to register with both the FCA and the Charity Commission, except registered social landlords, who register with the Tenant Services Authority.

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