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Industrial and provident society

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An Industrial and Provident Society (IPS) is a legal entity for a trading business in the United Kingdom. It is used for businesses without share capital such as various forms of co-operatives, some social enterprises, mutual investment companies, friendly societies and housing associations.

Some industrial and provident societies are charitable. Under British law they are exempt charities and are unable to register with the appropriate authority (in England and Wales the Charity Commission). The regulator for IPSs is the Financial Services Authority.

Such businesses have been controlled by the Industrial and Provident Societies Partnership Act 1852, Industrial and Provident Societies Act 1893, the The Friendly and Industrial and Provident Societies Act 1965, and The Friendly and Industrial and Provident Societies Act 1968 (Audit Exemption) (Amendment) Order 2006 - Statutory Instrument 2006 No. 265 (which increased the audit exemption threshold level for industrial and provident societies to £5.6m).

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