A mutual is owned exclusively by its customers or members and run for their benefit. They can provide a wide range of products and services, such as savings, investments, children’s savings, mortgages, insurance, pensions and healthcare.
Members of mutuals have the opportunity to shape how the organisation is run.
They can vote on important issues too, usually at an Annual General Meeting (AGM). Scottish Friendly members can have their views represented through one of 30 representative delegates, who are elected by our members.
How is a mutual different from other financial services providers?
In the UK, most of our banks, building societies and big insurance companies are run as Public Limited Companies (PLC). This means they have external shareholders to pay.
Mutuals are different because of the way they behave - and the reason they do business. With mutuals, there are no shareholders to keep happy, so profits are usually reinvested for the benefit of members.
Scottish Friendly doesn't provide advice. The information provided should help you decide if a saving or investment plan is suitable for you. If you're not sure whether a saving or investment plan is suitable, you should contact an independent financial adviser for advice. Advisers may charge for providing such advice and should confirm any cost beforehand.