Police Mutual to become part of Royal London

Police Mutual’s member representatives, 61 Force Authorised Officers (FAOs), who represent Police Mutual members in Police forces across the country, have voted unanimously in favour of a proposal for the Police Mutual Group of companies to become part of Royal London.

Commenting on the vote, Police Mutual CEO 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.”

Commenting on the news 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.”

Now that the FAOs have voted in favour of the proposal, Police Mutual 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.

Police Mutual has formally applied to the Prudential Regulation Authority (PRA) to transfer Police Mutual to Royal London. Police Mutual has also applied to the Jersey and Guernsey courts seeking sanction of the transfer in respect of its policyholders/members resident in those jurisdictions.

There will be an Oral Hearing held by the PRA. The transfer will get confirmation by the PRA only if the PRA is satisfied that it is in the interests of members, taking into account any concerns raised during the member and customer representation period. Jersey and Guernsey policyholders/members will be given the opportunity to raise their concerns before their respective courts. They can also make representations to the PRA.