Association of Financial Mutuals (AFM)
We're Mutual - We Only Work for You
Like all UKfinancial organisations we are authorised and
regulated by the Financial Services Authority. However, as a
mutual organisation we are not owned by external shareholders but
work for, and only answer to, customers like you.
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 AFM now comprises 57
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 £95
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 is a member of the Association of Financial
Mutuals (AFM), a merger of the Association of Mutual Insurers
(AMI) and the Association of Friendly Societies (AFS) and can boast
the following results from our 2011 annual customer survey:
- 99% of our members are satisfied with the overall service
- 8 in 10 claimants are highly likely to recommend us to a
- 3 in 4 think that Foresters is a trustworthy company
Like all UK financial organisations we're authorised and
regulated by the Financial Services Authority.
To find out more go to www.ownedbyyou.org.