Association of Financial Mutuals (AFM)
We're Mutual - We Only Work for You
UK financial organisations are either authorised by the
Financial Conduct Authority (FCA) or the Prudential Regulation
Authority (PRA) or dual regulated by both regulators, and are
either mutuals or public limited companies (PLCs). Foresters
Friendly Society, as a mutual organisation is not owned by external
shareholders but instead we work for, and only answer to, customers
Experience & scale
Mutuals typically have over 100 years of experience and heritage
in providing for the savings and protection needs of their
customers (in our case over 175 years).
The Association of Financial Mutuals (AFM), the trade body that
represents mutual insurers, friendly societies and other financial
mutuals right across the UK now comprises 53 member companies,
including Foresters Friendly Society, who collectively look after
the savings, protection and healthcare needs of 20 million
customers and manage assets of over £100 billion.
The managers of mutuals are only responsible to customers like
you, and not to shareholders. Research shows that on average mutual
customers are more likely to recommend a mutual organisation than a
Greater potential value
Research by AFM shows that in 2007 PLC insurers paid out on
average 3.1p to shareholders for every £1 invested by their
customers. With no shareholders to pay, mutuals can ensure that
their profits are only distributed to customers like you, or
reinvested to give you better returns, better value and higher
levels of service.
According to independent surveys, friendly societies have high
levels of customer satisfaction.
Foresters Friendly Society can boast the following results from
our 2012 annual customer survey:
- 98% of Foresters members are satisfied with the way in which
their initial enquiry was dealt
- 94% agreed that Foresters is easy to do business with
- 96% of claimants are satisfied with the overall service
provided by Foresters
We are authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential
Regulation Authority (Registration No. 110029).
To find out more go to www.ownedbyyou.org.