The Association of British Insurers has finally regained Old Mutual Wealth as a member following Aegon and Legal & General’s turning their back on the trade body in recent years.
Paul Evans, outgoing chairman of the ABI, announced that Old Mutual Wealth had rejoined the trade association at a dinner last night (13 June).
It was back in 2008 that Skandia, which was bought by Old Mutual in 2007, decided to ditch the ABI.
Nick Poyntz-Wright, who was Skandia’s chief executive back in 2008, said at that time his business model no longer had a significant alignment of interests with the broader ABI membership.
Recently the Association of British Insurers has had to move from its expensive Gresham Street headquarters in the City in a bid to cut costs due to the trade body being faced with falling membership.
After Aegon UK left the ABI in September 2015, questions were raised about its ability to hold onto its big members, especially in light of L&G leaving towards the end of 2014.
Huw Evans, director general of the ABI, said: “The long-term savings market is evolving rapidly and the ABI is changing fast to ensure we are fit for the future too.
“Old Mutual will bring a valuable market perspective to our public policy and regulatory work and will help ensure a strong industry voice on key issues.”
Steven Levin, chief executive of investment platforms at Old Mutual Wealth, said: “As the UK’s leading wealth management company we want to ensure that we are actively engaged in key debates that impact our customers.
“We are members of a number of trade bodies, reflecting that we work across a broad range of financial services sectors.
“We are pleased to be joining the ABI and supporting them as they continue to evolve to become a leading voice for the long-term savings market.”
Scott Gallacher, director of Leicester-based Rowley Turton, said: “Given the continued protection and savings gaps that the UK faces, it is essential for the insurance industry to work together to help bridge these gaps and address other key issues.
“Consequently Old Mutual re-joining the ABI to be welcomed.”
Source: FT Adviser