Mutual Societies - We only work for you.
The Financial Services Authority (FSA) regulates and authorises all UK financial organisations. These organisations include public limited companies and 'mutuals'. Unlike public limited companies (PLCs) that are owned by external shareholders, 'mutuals' are owned by and answer to their customers or Members, like you.
Mutual societies have many years of experience and heritage in providing for the savings and protection needs of their Members. Many, like Cirencester friendly, have been around for over 100 years. Between them mutual societies manage over £80bn in assets and have more than 19 million customers.
As a mutual insurer we have no external owners in the form of shareholders to pay. This means that we can ensure our surpluses are only distributed to you, our Members or reinvested to provide you with higher levels of service, better value or better returns.
You can find out more about mutual societies at www.ownedbyyou.org
The Association of Financial Mutuals
The Association of Financial Mutuals (AFM) represents mutual insurers, friendly societies and other financial mutuals in the UK. The AFM came together as a result of the merger of the Association of Mutual Insurers and the Association of Friendly Societies and currently comprises of 56 Member companies.
Our Chief Executive Officer, Paul Hudson, was elected to the executive committee of the Association of Friendly Societies in 2005 and is currently the Chairman of The AFM's Smaller Societies and Mutuals Committee.
As a company Cirencester friendly has helped the AFM to develop its 'Fun to Save' website designed to teach young children aged 4 - 7 about saving and is currently working with them to develop a similar site for 8 - 11 year olds.
Mutual Insurance Companies
Like every good business, mutual insurance companies like Cirencester friendly want to be there for their Members. For us this means paying claims and continuing to deliver high standards of service to our Members.
Our Members need to know that we will pay their benefit if they should become ill or suffer an accidental injury that keeps them out of work. That is why, unlike many of our competitors, we publish our claims statistics in detail every year complete with an explanation of why claims did not proceed, why claims were not paid and what our Members claimed for. You can view our latest claims statistics here.
We also manage the Society effectively to ensure we stay in business for the benefit of our Members. As a mutual insurer specialising in Holloway style income protection, we give our Members the option to share in our surpluses. This means that being wise with our spending and running the Society efficiently help us to deliver affordable protection and share our successes with our Members.*
Having a low risk approach to our business also enables us to make sure we continue to be there for our Members when they need us.
Unlike many public limited insurance companies, who have shareholders to pay, a mutual insurance company's sole purpose for existing is to be there for its Member owners when they need us most.
*The ability to share in the Society's surpluses is optional and will affect your premium. If you are an existing Member who does not currently have protection with the ability to accumulate a capital sum you are able to opt in. Talk to your Independent Financial Adviser about Income Assured Plus with the ability to accumulate a capital sum. If you do not have an Independent Financial Adviser www.unbiased.co.uk provides a list of advisers in your area.