Scottish Friendly merger imminent

Only FSA approval is now required after 97% of SLL members approved the transfer of business. Scottish Friendly delegates approved the transfer last month. The transfer will boost Scottish Friendly’s funds under management by approximately £200m to more than £800m and add some 120,000 members to a pot of almost 400,000. Fiona McBain, chief executive of Scottish Friendly, says: “This overwhelmingly positive response is a tremendous vote of confidence in Scottish Friendly and demonstrates members’ belief that a modern and highly efficient mutual organisation is the best way to safeguard t...