Corporate Governance

Overseeing the business

Our Board and Committees

As a friendly society we are incorporated under the Friendly Societies Act 1992 as Liverpool Victoria Friendly Society Limited (LVFS).

We're bound by the Friendly Societies Act as well as our own Memorandum of Association and Rules.

Our Rules set out how we're governed, how someone becomes a member, the election of directors and the process for Annual General Meetings and Special General Meetings.

The LV= Board are responsible for our strategic success and represent the interests of members and customers.

Board Members

  • Alan Cook, Chairman
  • Richard Rowney, Chief Executive Officer
  • Andy Parsons, Group Finance Director
  • David Neave, Non-Executive Director
  • David Barral, Non-Executive Director
  • Colin Ledlie, Non-Executive Director
  • Alison Hutchinson, Non-Executive Director
  • Luke Savage, Non-Executive Director

 

Read our Board Members' profiles.

Board Committees

  • Audit Committee
  • Investment Committee
  • Risk Committee
  • Remuneration Committee
  • Corporate Governance and Nomination Committee
  • With-Profits Committee
  • RNPFN Supervisory Board

Largest Friendly Society in the UK

Initially, friendly societies were formed to meet the financial needs of working class people, by providing schemes for funeral expenses. As such, friendly societies are mainly associated with Industrial Branch Whole of Life Insurance policies or 'penny policies', as they were more commonly known. With these 'penny policies', you could insure your or your child's life for one penny a week, and the Society would pay towards the policyholder's funeral.

Often, such organisations and societies, which funded Whole of Life Insurance, were also known as collecting societies, as they used to send agents to personally collect policy premiums by going door-to-door every week.

Nowadays, many people believe these 'penny policies' hold no value, but if you have unclaimed policies we'll still honour the sum assured, plus bonuses added to the policy, as long as the premium payments are up to date. If they aren't, you may get a reduced amount.

Fill out our policy tracing form to find an old 'penny policy'. You may well know us as Liverpool Victoria but we changed our brand to LV= a few years ago. We think this shorter name is more modern and vibrant for the 21st century and we hope you do too.

Acquisitions in our history

  • Liverpool Crown & Anchor Friendly Society (1885)
  • Liverpool Protective Assurance & Burial Society (1903)
  • New Era (1904)
  • General Friendly Collecting Society (1908)
  • Most Friendly Burial Collecting Society (1933)
  • City Mutual (Guernsey) Collecting Society (1935)
  • City Mutual (Jersey) Collecting Society (1935)
  • Hibernian Mutual Assurance Collecting Society (1944)
  • General Federation of Trade Unions Friendly & Collecting Society (GFTU) (1952)
  • Independent Burial Society (1953)
  • Withington Friendly Burial Collecting Society (1954)
  • Ardwick Union Burial Society (1957)
  • Keighley Samaritan Brief (1963)
  • Druids Burial Society (1965)
  • Frizzell (1996)
  • Landmark (1997)
  • Royal National Pension Fund for Nurses (RNPFN, 2001)
  • Permanent Insurance (2001)
  • Bishopscourt (2002)
  • UIA Life Businesses (2005)
  • ABC (2006)
  •  Britannia Rescue (2007)
  • Tomorrow (2007)
  • Highway Insurance (2008)
  • Wealth Wizards Limited (2015)
  • Teachers Assurance Company Limited (2016)
  • Teachers Provident Society (2016)