Questions and Answers – Transition to Discretionary Mutual

Introduction Lady Grover’s Fund (”LGF”) is a Friendly Society authorised to provide health insurance. As such it is regulated by the Prudential Regulatory Authority (“PRA”) and the Financial Conduct Authority (“FCA”). It is run by an elected Committee (all volunteers) and employs a paid Chief Executive. Member Services including claims administration are provided by a trading subsidiary of the Officers Association (“OA”). The OA is a Charity, but not its subsidiary. In December 2020, we wrote to members outlining our proposal to rewrite the constitution and rules of LGF – it would still be Friendly Society, but the provision of claim benefits would be subject to Committee discretion. Members would […]

Lady Grover’s Fund for Officers Corporate Governance Report

The Committee of Management (Board) is accountable to the members of Lady Grover’s Fund (LGF) and UK Regulators for the operation of LGF and regards good corporate governance as fundamental to this responsibility. The Board confirms that this report together with LGF’s annual report and financial statements (available from LGF on request) present a fair, balanced and understandable view of LGF, providing sufficient information for members to assess LGF’s performance, business model and strategy. LGF follows the AFM Corporate Governance Code issued in January 2019.  This code, which focusses on culture within the organisation and stakeholder engagement, sets out Principles of Best Practice to be adopted on a comply and […]