Barry O’Dwyer has joined Royal London to take up the role of chief executive.

He succeeds Phil Loney who stepped down at the end of June.

O’Dwyer joins from Standard Life Aberdeen where he was head of Standard Life Aberdeen’s UK business covering pensions, savings, platforms and asset management.

He started his career at Standard Life in 1988 and went on to hold a number of senior management positions in the company before moving on to roles at HBOS, Prudential and Standard Life Aberdeen. He was previously a non-executive director at Phoenix.

Regulatory approval for his appointment is in progress.

Kevin Parry, Royal London chairman, said: “Barry O’Dwyer brings with him wide-ranging experience of pensions, savings, platforms and asset management as well as a deep understanding both of the industry and the markets in which we operate.

“Along with his background in mutuality he has the right credentials to lead Royal London in the next stage of its growth.”

O’Dwyer added: “As a mutual Royal London has a great story to tell. It shares its profits with its customers and puts its customers firmly at the heart of its proposition development and service.

“We are well-placed to continue to build a truly customer-centric and successful business.”