| Type | Private company |
|---|---|
| Industry | Insurance |
| Founded | 1862 |
| Headquarters | Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ Glasgow, Scotland |
| Key people | Fiona McBain, CEO |
| Total assets | £3.8bn |
| Website | www.scottishfriendly.co.uk |
Scottish Friendly Assurance is a financial services group based in Glasgow, Scotland. The group provides investors with a wide range of tax-free investment and life insurance products and whole-of- market open architecture ‘wrap’ investments.
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Scottish Friendly Assurance has its roots stretching back to 1862. Established as the City of Glasgow Friendly Society, its name changed in October 1992 after it purchased Scottish Friendly Assurance, a friendly society.
Scottish Friendly has continued its merger and acquisition activity and took over Scottish Legal Life in October 2007 [1], Rational Shelley in 2005, Preston Operative in 2006 [2], Pioneer Friendly and London Aberdeen & Northern Mutual Assurance Society (LANMAS) in 2007 [3].
The group currently manages and administers over £3.8 billion in assets and has over 400,000 members. As a Mutual company Scottish Friendly Assurance has no shareholders and profits are distributed back to its members.
Scottish Friendly Assurance is authorised and regulated by the Financial Services Authority (FSA) and is a member of ABI and AFM.
The Scottish Friendly group is structured as an incorporated mutual friendly society, Scottish Friendly Assurance Society Limited, which issues all insurance products, with three subsidiaries:
Scottish Friendly Asset Management provides Scottish Friendly Investment Funds ICVC, an umbrella OEIC, as well as ISA and CTF wrappers.
Scottish Friendly Insurance Services provides open architecture wrap services and non-insured regulated investment-dealing activities such as SIPPs and direct holdings.
Scottish Friendly Trustee Company Ltd provides asset-holding services for the Scottish Friendly Self Invested Personal Pension Scheme.
Fiona McBain MA, ACA - Chief Executive.
Jim Galbraith BSc, MBA, FFA - Deputy Chief Executive.
Neil Lovatt ACII, BA (Hons), MSc - Sales and Marketing Director.
Scottish Friendly is involved in the supporting reading and literacy in remote and disadvantaged areas in Scotland through its sponsorship of The Scottish Friendly Children’s Book Tour, an outreach tour organised by Scottish Book Trust.
Scottish Friendly has also become a supporter of the 'Meet Our Authors' programme [4], a programme created by the Scottish Book Trust to allow young people, parents and teachers to meet some of the world's leading children's authors.