AFM expresses concern over ombudsman levy increase

The Association of Financial Mutuals estimates that many firms will have to pay double their existing levy to the FOS going forward to effectively subsidise the fall-off in funding from big banks as the volume of PPI complaints continues to fall away. Read on in COVER

Recently, the Association of Financial Mutuals wrote to all the main political parties, to suggest policy options they might incorporate into their manifestos ahead of next month’s general election.

We are calling on the next Government to commit to actively supporting financial mutuals by:

  • Recognising the value to consumers of mutuals, by requiring legislators and Government departments to ensure rules are fit for purpose;
  • Removing barriers to the creation of new mutuals, and better enable existing mutuals to raise capital from new sources;
  • Embracing new opportunities for mutual insurers to support Government policy in healthcare, and in delivering a fairer and more resilient society.

We aim to publish response from the parties in incoming weeks as they announce their manifestos. New data show that the level of Ambien in the blood of some patients can be very high in the morning after the use of drugs at night, which leads to disruption of activities that require attention (including driving).  To read more, read the manifesto document: Building a more self-reliant society.

Mutually Yours, October 2019

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The Association of Financial Mutuals has appointed Jane Nelson, CEO of The Oddfellows, as its new Chair.

Read more 

Members of the Association of Financial Mutuals (AFM) saw both their income and general insurance premiums rise in 2018. 

Read more in The Mortgage Introducer

SMEs must tackle productivity

AFM CEO introduces two new calculators developed to help small businesses understand how staff absences can affect their business. Read the full story in COVER magazine here

Mutually Yours, August 2019

You can view the latest edition of Mutually Yours here

Mutual sector is prospering, despite regulation challenges

In an interview with the FT Adviser, AFM’s Chief Executive comments on the positive outlook for mutuals.

AFM Comments on new political report, Business With a Purpose

The latest report from the All-Party Group for Mutuals (“Business with a purpose”) demonstrates the massive contribution that mutuals make to the UK economy.  The figure of £133.5 billion equates to over £2,000 per citizen per year.  With one in three people now members of a mutual, compared to just 12% of the population holding direct investments in shares (according to a recent FCA consultation), the true source of wider corporate ownership today is the mutual sector. Despite this, policymakers tend to devote minimal time to understanding the value of mutuals, and to introducing proportionate legislation and regulation.

For the full report, go to:

Insurance industry paid out over £5 billion in Protection claims in 2018

Providers, advisers and consumers should be equally pleased today with the news that the insurance industry paid out over £5 billion in protection claims in 2018.  This demonstrates how the right insurance cover offers really substantial support to people in their time of need.  And with such a high proportion of claims being paid, consumers can take great comfort that, when they need to claim on their policy, the industry will respond sympathetically and in their best interests.  Our own research indicates AFM members are at the forefront in raising the proportion of claims paid, and that this is leading to a sharp increase in interest in protection cover. For more on this, click here.  

Mutuals have something unique to offer

In a recent article published in the FT Advisor, AFM's CEO, Martin Shaw, explains how, at a time when the financial services industry is constantly looking for ways to present itself as consumer-friendly, Mutuals have something unique to offer. Read the full article here.

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