Latest Press Releases and Comments

Here we cover all the very latest news. If you have a specific enquiry or something you’d like to find out about, please get in touch. Contact Martin Shaw at AFM via email or call 0788 754 7195.

21 August 2018

Mutually Yours, August 2018

You can read the latest edition of Mutually Yours via this link.

17 October 2018

PRA scraps costly and unnecessary audit requirement following AFM lobbying

The Prudential Regulatory Authority has announced today (17 October 2018) that it will exempt small UK insurers from the requirement to have their annual Solvency and Financial Condition Report (SFCR) externally audited.

All AFM members meet the threshold condition for the exemption, as do around 120 other small insurance companies (see PS25/18 'Solvency 2: external audit of the public disclosure requirement').  We provided evidence to the PRA that this was a very costly exercise, and duplicated verification work elsewhere.  For mutuals and not-for-profits, the extra audit work added extra pressure to a tight reporting timescale, and has more than doubled many organisation's audit costs, without providing any clear benefit to readers of the SFCR.  

Martin Shaw, Chief Executive of AFM commented: "We are grateful to PRA for exempting our members from this requirement, which gold-plated the Solvency 2 rules, and has not been adopted by any other European country.  Members of a mutual already receive a copy of the report and accounts of their insurer, and this gives a strong account of how the business is run in their best interests.  The SFCR is a technical document which has added up to £50,000 to audit costs, and which our evidence demonstrated, is only read by industry professionals."

15 June 2018

Mutually Yours, June 2018

You can read the latest edition of Mutually Yours via this link.

Mutuals pay 94% of income protection claims in 2017

New research from AFM reveals that its income protection providers paid out 93.7% of claims in 2017.

See the full release here.

13 April 2018

Mutually Yours, April 2018

Our latest newsletter, with lots of topical news from the sector, can be accessed by clicking on this link.

13 April 2018

AFM letter to the Economic Secretary

In March we wrote to the Economic Secretary, putting forward a case for the government to consider exempting holders of mutual health cash plans from paying Insurance Premium Tax.  

In the UK, we benefit from one of the best healthcare systems in the world. But trips to hospital, or paying for routine healthcare, such as GP prescriptions, dental check-ups or eye tests, means costs can mount up. And individuals may also need to pay for therapeutic treatments, such as a chiropractor or physiotherapist. The low premiums and accessible nature of the health cash plan makes them attractive to people for whom these costs may be difficult to budget.

You can read the letter here.

AFM submission to the Work and Pensions Committee's rolling inquiry into Universal Credit

With the support of Sami Consulting, we have provided a submission to the Work and Pensions Committee, highlighting the inequity for income protection providers, of the way payments from Universal Credit are deducted £ for £ in light of any income protection claim.

You can read the submission here.

09 February 2018

Mutually Yours, February 2018

The February 2018 edition of our newsletter contains articles on:

  • Leading mutuals
  • EU rules!
  • Supporting the needs of elderly and vulnerable customers
  • Member news
  • Events and Training

To read in full, click here

08 February 2018

AFM launches the first three is a series of new infographics on the needs of elderly and vulnerable customers

To support a series of workshops provided for AFM members in recent months, and in conjunction with the branding agency and AFM Associate member Let's Talk Ageing, AFM has sponsored the development of a series of new infographics.  These can be downloaded and pinned up in the office to help members identify the particular needs of more vulnerable and elderly customers, and how they can best support them.

The first three infographics cover:

In addition, at the request of members we have produced a draft Vulnerability Policy, that members can adapt to summarise the way they work with vulnerable customers.

06 December 2017

Mutually Yours, December 2017

This edition features:

  • 2017 in perspective 
  • Changing Corporate Governance Expectations 
  • Member Updates 
  • Newest AFM Associate Member 
  • Taking Control of Your Data 
  • Events and Training

Click here to read Mutually Yours