The Income Protection Task Force (IPTF) has announced its affiliation with the Association of Financial Mutuals (AFM) as part of its aim to focus on the role of mutuals and friendly societies in the UK protection market and the wider community.
The collaboration aims to raise awareness of the products available through mutual providers and to educate advisers on how they can better understand and access these solutions for their clients.
Throughout April, the IPTF will spotlight mutuals and friendly societies, showcasing their history of delivering member-focused financial protection products that prioritise the needs of individuals and their communities.
As organisations that operate on a not-for-profit basis (similar to the IPTF), mutuals offer tailored income protection solutions with a strong emphasis on customer wellbeing, affordability, and social responsibility.
The collaboration with the IPTF will aim to provide valuable insights into the history of the mutual sector, the benefits of their financial protection products, and practical guidance for financial advisers seeking to offer these solutions to their clients.
Andrew Whyte, CEO of the Association of Financial Mutuals, said: “We are delighted to be working with the IPTF to highlight the vital role that mutuals and friendly societies play in the protection market.
“This initiative will help increase awareness of the fantastic products our members provide and demonstrate how mutuality continues to offer a customer-centric alternative in financial services.
Jim Islam, CEO of the financial mutual, OneFamily Group said: “With OneFamily and Beagle Street products, we’ve been helping families build financial resilience for 50 years, and we know how vital protection is in giving people confidence in their future.
“This collaboration with the IPTF and AFM is a great opportunity to highlight the role of mutuals in providing modern, accessible solutions that put customers first.
“By working together, we can help more advisers and their clients recognise the value of protection that’s fair and built for today’s world”.
