press release

LV= Responds to FCA proposed changes to pension transfer advice

Following a review of the executive team, LV=, the UK’s most trusted and recommended insurer, has restructured its Life business to bring its Protection, Retirement Solutions and Heritage businesses under one management. As a result, the insurer has promoted John Perks to Managing Director of the Life and Pensions business.

John Perks is currently Managing Director of LV=’s Retirement Solutions and Heritage businesses and this new role will see him take on responsibility for all aspects of the insurer's protection business in addition. He will report directly to Richard Rowney, Group Chief Executive.

A Fellow of the Institute of Actuaries and with 25 years' industry experience, John originally joined the mutual society in 2007 as Customer Solutions Director, covering all proposition development for the Group’s Life and Pensions business. Prior to LV= he spent two years at Prudential UK as Director of Protection having previously held senior roles at AXA and Swiss Life.

Effective from 1st July, this change reflects the alignment in the future strategic direction of the overall Life business and will allow for greater efficiencies. Following this restructure, Myles Rix, currently Managing Director of LV=’s Protection business, will be leaving LV= to pursue new opportunities.

Commenting on John’s appointment, Richard Rowney, LV= Group Chief Executive, said: "I'm delighted that John Perks will be leading the combined LV= Life business going forward. He has a wealth of experience in both retirement solutions and protection and I’m certain he will ensure the business continues to fulfil its mission of helping our members live life more confidently. On behalf of LV=, I’d like to thank Myles for his continued support, commitment and dedication over the last seven years and wish him all the best in future."

Myles Rix said: “I have hugely enjoyed my seven years with LV= and I'm extremely proud of the achievements of my teams within that time. Together we have implemented new systems and grown both sales and profits, as well as satisfaction among financial advisers. Having worked alongside John for many years I know the business will be in good hands and I wish him and LV= every success.”

Photos of John Perks are available on request.

Notes to editors:

About LV=

LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We are currently the UK’s joint number one brand for Insurance and Investments, according to the 2016 YouGov Brand Index Buzz Rankings.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including ASDA and Nationwide Building Society.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

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