Wesleyan is the latest member to join the Association of Financial Mutuals (AFM). The AFM is the trade body that represents mutual and not-for-profit insurers, friendly societies and other financial mutuals across the UK.
Wesleyan has been providing specialist financial advice and solutions for doctors, dentists and teachers for over 180 years and has more than £7 billion assets under management. It becomes the AFMs 46th member.
Mario Mazzocchi, Wesleyan Chief Executive said: "Now more than ever, in these challenging economic times, it is important that the mutual sector remains focused on its members. At Wesleyan, we are incredibly proud of our mutuality and believe the model offers members financial confidence, diversity of choice and alternative options for investors.
"Mutuals play an important role in today’s society and we welcome the successful passage of the Co-operatives, Mutuals and Friendly Societies Bill through the House of Lords and the more recent news that the Law Commission will carry out a review of the Friendly Societies Act 1992. At last we are seeing a focus on modernising our sector, enabling Mutuals and Friendly Societies to continue to flourish and support important growth for the UK.
"We look forward to adding our voice to the fantastic work the AFM is already doing to raise the profile of mutuality across the UK."
AFM Chair, Stuart Tragheim said: "I am delighted to welcome Wesleyan to AFM. Wesleyan’s profound commitment to mutuality, rooted in their proud history, will strengthen our collective voice and advocacy on behalf of the mutual sector.
"I look forward to working with Mario and the rest of his talented colleagues across Wesleyan as we work together to strengthen our sector, improving the services we offer our members and making the case for the distinctive contribution that mutuals make to the economy and society as a whole. A contribution which is all the more vital in these challenging times."