OneFamily, the Brighton-based financial services mutual, will celebrate 50 years of customer ownership on 13 May, marking a significant milestone for one of the UK’s largest modern mutuals.
Established in 1975 with a single-room office in London, the business sold its first Family Bond on 14 May that year. Since then, it has grown to serve more than 1.5 million customers across the UK, specialising in accessible investment and protection products.
Today, OneFamily remains committed to its founding ethos of mutuality, operating without shareholders and reinvesting profits to create products that support families and those underserved by mainstream financial services.
Chief executive Jim Islam said the business had always set out to challenge the status quo. “From those entrepreneurial beginnings the business has grown to become one of the UK’s most exciting and ambitious modern mutuals, forever pushing the boundaries of what’s possible to inspire better futures for its members,” he said.
“And that’s by helping families to invest in their future, protecting what matters most to them and by supporting those who’ve been underserved by traditional financial services. With no shareholders to pay we can reinvest our profits to design affordable products and services that provide the support real families tell us they need.
“But this is just the start. We’re ready to take mutuality to the next level, to be at the forefront of a shift in the financial services landscape that will see inclusion and trust being a priority once more.
“And we can’t wait.”
The company strengthened its market position in 2022 through the acquisition of Beagle Street, an online life insurance provider. It is now preparing to enter the intermediary market later this year, building out a new team and proposition aimed at extending its reach through advisers and brokers.
The 50th anniversary comes at a time of renewed interest in the role mutuals can play in the wider financial ecosystem, offering a customer-owned alternative to shareholder-driven firms.
