The Royal London Mutual Insurance Society Limited has announced that Barry O’Dwyer has been appointed group chief executive.

The appointment is subject to regulatory approval and he is expected to take up his new position in September 2019.

Phil Loney, currently group chief executive, will stand down on 28 June 2019, while remaining available to the Group for the remainder of the calendar year.

Kevin Parry, chairman of Royal London said: “After a rigorous process, the Board selected Barry O’Dwyer to be the group chief executive. His vision for our industry coupled with extensive experience of retail and wholesale pension and savings products will allow him to build on Royal London’s existing market position.

“Phil Loney has led seven years of major change in our business reflecting the introduction of pension freedoms and workplace pensions. The Board thanks him for his unstinting commitment to the development of Royal London and wishes him well for the future, focusing on his charitable interests.”

O’Dwyer said: “I am delighted to be joining Royal London to build on the fantastic work of the last few years.  The business has capitalised on some of the big trends in our market through a winning combination of great service to intermediaries and excellent value for customers and members. I hope to build on these cornerstones of success and ensure that Royal London uses its mutual status to deliver great service and value.”

Loney added: “It has been a privilege to be the chief executive of the largest mutual insurance group.  I shall miss the people that have contributed so much to our development over the term of my tenure and wish my successor and colleagues all the best for the future.”