FAOs vote in favour of Police Mutual proposal to become part of Royal London
Thu 04 Jun 2020
We are delighted to announce that Police Mutual’s Force Authorised Officers (FAOs) have voted unanimously in favour of the proposal that the Police Mutual group of companies become part of Royal London.
The 61 FAOs represent Police Mutual members in the Police forces across the country.
Why are we proposing that Police Mutual becomes part of Royal London?
The financial services industry has changed rapidly over the past few years. This, coupled with a difficult economic environment, has presented some significant challenges, particularly for a relatively small financial services company like Police Mutual.
The landscape in which we now operate means that continuing to offer products would require us to have a stronger financial position.
What happens next?
Signing the Transfer Agreement with Royal London in April and the FAOs vote in favour of the proposal have been the key milestones in the regulatory process and we can now proceed with confidence to the next stages of the process. The Police Mutual group of companies will write to members and customers about the proposal, the result of the FAO vote, and the start of the member and customer representation period.
The member and customer representation period is the timeframe for customers, members and, indeed, anyone else, to provide their views and raise any concerns about the proposal.
Why is this good news?
Becoming part of Royal London, the UK’s largest mutual life insurance, pensions and investment company, will provide a sustainable future for Police Mutual. Police Mutual needs a stronger financial position to continue to operate – Royal London provides that financial strength.
Royal London is a strong mutual organisation that has committed to our goal of improving the financial wellbeing of the Police and Military families.
If the transfer proceeds, as expected, it will also make Police Mutual and Forces Mutual part of a larger, stronger business that has a broader business mix and offers a wider range of products.
Further information is available at this dedicated hub. This includes a Summary of the Terms of the Transfer and the Summary of the Independent Actuary’s report. These can be found by clicking here. There is also an FAQ section setting out answers to some questions you may have. If you want to know how to raise any questions or concerns about the proposed transfer with the PRA, click here.
Type of article: News
Category: Police Mutual news
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