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John Reeve Becomes New Chairman of the Association of Financial Mutuals in Crucial Year

Posted in: Corporate

The Association of Financial Mutuals (AFM) today announced that John Reeve, Chief Executive of Family Investments, has been appointed as its new Chairman. John takes over from Mike Yardley, who announced he is stepping down as Chief Executive of Royal London last year.

John has been Chief Executive of Family Investments, the leading provider of the Child Trust Fund and affordable tax exempt savings plans especially for children, since 1992.

The AFM is a trade body that represents 57 mutual insurers, friendly societies and other financial mutuals in the UK and is tasked with enhancing the importance and value of mutuals within the UK’s financial service sector.

Commenting on John’s appointment, Martin Shaw, Chief Executive of the Association of Financial Mutuals, said:

“This year is an important one for the mutual industry, particularly for raising the profile of the values of the mutuals sector to the public at large given the many prevalent issues the financial services industry is facing. The mutual sector has proved its strength throughout the recent financial crisis by continuing to innovate and provide value to its customers and we need to keep on doing this through a co-ordinated effort with new and existing members. The AFM is delighted to be welcoming John to the chairman’s role at such a pivotal point in the mutuals’ history and feel he will be the right facilitator to support and assist the Association in 2011and beyond. We would also like to wish Mike Yardley all the best for the future and thank him for his valuable contribution.”

“The mutual sector has proved its strength throughout the recent financial crisis by continuing to innovate and provide value to its customers”

Commenting on the appointment, John Reeve, incoming Chairman of the Association of Financial Mutuals, said:

“Mutuals have proved themselves to be resilient in recent years, and have seen rapid increases in market share between 2008 and 2010, and have been at the forefront of product innovation in the insurance sector.

“My own society, Family Investments, has had to adapt rapidly as a consequence of the termination of the Child Trust Fund and the prospective launch of the Junior ISA later this year. As a sector we have been in extended talks with the FSA about its approach to capital in mutuals and have a lot to do to ensure the mutual sector continues to flourish and adapt to the significant changes in regulation coming up over the next couple of years.”

John was previously Vice-Chairman of the AFM and will be succeeded in this role by Mark Goodale, Chief Executive of Reliance Mutual.

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Notes to Editors

The Association of Financial Mutuals (AFM)

The Association of Financial Mutuals is the trade body that represents mutual insurers, friendly societies and other financial mutuals in the UK. The Association of Financial Mutuals (AFM) was formed on 1st January 2010 following the merger of the Association of Mutual Insurers and the Association of Friendly Societies.

The combined association has 57 member organisations from the friendly society and mutual insurance company sectors, who between them manage the savings and protection needs of 20 million policyholders, and have assets under management of £80bn.

A financial mutual is an organisation that supplies financial services products, and which is owned by its customers, or members. As a result a financial mutual has no shareholders to pay dividends to or account to, and can concentrate on delivering products and services that meet the needs of its customers.