Police Mutual to become part of Royal London
Police Mutual is set to become part of Royal London, the largest mutual life insurance, pensions and investment company in the UK.
The move was confirmed following a unanimous vote by the Force Authorised Officers (FAOs) who represent Police Mutual members in all police forces across the country.
Police Mutual chief executive officer John Perks said: “Becoming part of Royal London will provide a sustainable future for Police Mutual; we need a stronger financial position to continue to operate – Royal London provides that financial strength. It will also make Police Mutual and Forces Mutual part of a larger, stronger business that has a broader business mix, and which offers a wider range of products.”
Sir Jon Murphy, chair of the committee of management (CoM) of Police Mutual, said: “Having worked closely with my colleagues on the Police Mutual CoM on this proposal for Police Mutual to become part of Royal London, I am very pleased that our FAOs have supported the CoM and managing board’s recommendation to ensure the continued provision of financial services that are tailored to the particular needs of our affinities.
“Not only will Police Mutual be part of a stronger business that has a broader business mix and offers a wider range of products, Royal London’s ethos and values are remarkably similar to our own – they are absolutely the right fit.”
Royal London chief executive, Barry O’Dwyer, said: “Royal London and Police Mutual have complementary values and culture. Both are mutual and are committed to delivering the best value for their customers and members. Police Mutual plays a vital role in providing financial services and products to police officers and the armed forces. We are pleased to be able to provide the company with a secure future.”
Police Mutual will now formally apply to the Prudential Regulation Authority (PRA) to transfer to Royal London.
There will be an oral hearing held by the PRA. The transfer will get confirmation by the PRA only if it is satisfied that it is in the interests of members, taking into account any concerns raised during the member and customer representation period.
Kevin Parry OBE, chair of Royal London, said: “I am delighted that Royal London has developed offerings that will meet the needs of police officers. Society places great demands on the police and we are all reliant on the services that they provide to the nation. We are delighted to be able to play our part in the welfare of the families of current and former officers and staff.”
