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Royal London chief Loney to stand down in 2019

Royal London chief executive Phil Loney will step down from his position at the end of next year, the mutual insurer announced this morning.

Royal London chief Loney to stand down in 2019

Royal London chief executive Phil Loney is to step down at the end of 2019.

Loney (pictured) said he would be stepping back to focus his efforts on charity work. He has been chief executive at the company for seven years.

'Growing this business has been a real team effort with all credit to my executive team and their people. I am particularly proud that, as a member-owned business, our customers are centre stage and we are able to reward them by sharing our profits,' Loney said.

'I have no doubt that Royal London will continue to go from strength to strength and I wish all of our people continued success in years to come.'

Incoming Royal London chairman Kevin Parry will lead the search for Loney's successor from the start of next year. 

Loney has had several outspoken moments while in post, in particular concerning regulation. 

In 2014 he hit out at the coalition government over the potential impact of its auto-enrolment charge cap, which Royal London forecasted would lose the company £61 million from its future profits over the following 10 years.

The pensions minister in place at the time was Steve Webb, who Loney then hired as director of policy in the autumn of 2015 after he lost his parliamentary seat. 

A spokesperson for the company said Loney's charitable efforts would be focused in particular on the international development sector, and supporting children with learning difficulties.

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