Friendly societies can trace their origins to Roman times, when legionnaires clubbed together for their financial protection. The guilds of the middle ages developed the idea of mutual self help and the start of friendly societies as we now know them followed the industrial revolution. With no welfare state, societies’ affordable insurance schemes helped working people to avoid the indignity of the workhouse and the pauper’s grave.
With their experience in this field, friendly societies were used to operate the first state benefit schemes which began in 1912 and continued until 1948, when the government established the modern welfare and benefit system. Since then, societies have continued to develop savings and insurance schemes to meet the changing needs of their members.
The Royal Standard Benefit Society was founded by James Hunter in 1828. It was the first ‘centralised’ society, covering the whole country from a single central office rather than through local branches or lodges.
The Society’s name was chosen by Mr Hunter after a visit to Windsor, where he was impressed and inspired by the sight of the royal flag (the standard) flying above the castle.
The inaugural meeting to establish the Society was held at The Black Prince in Covent Garden, London. This inn continued to serve as the Society’s ‘office’ until 1860, when we opened our own premises in Great Ormond Street (picture above). After almost 100 years there, the site was vacated to make way for an extension to the famous children’s hospital and we moved to our present home in South London.
Originally, the Society was formed to provide sickness benefits for when members were unable to work and death benefits to cover funeral costs. In 1927, we started to provide endowment and life assurance schemes to enable members to save over periods of 10 or more years or until their retirement. After 1948 and the establishment of the modern welfare state, the demand for sickness insurance schemes declined. Tax-exempt savings plans, in which we now specialise, have increased in popularity in recent years.
In 1996, we changed our name to Royal Standard Friendly Society. |
