We are delighted to announce that via the Police Mutual governance process, a vote has been taken unanimously in favour of the proposal that the Police Mutual group of companies become part of Royal London.
As you are aware, Forces Mutual is part of the Police Mutual group of companies which will transfer to Royal London as part of the proposal.
Why are we proposing that Police Mutual and Forces Mutual become 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 relatively small financial services companies like Forces Mutual and 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 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 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 the Police Mutual group of companies. 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 Military and Police families.
If the transfer proceeds, as expected, it will also make Forces Mutual and Police 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.