Kingston Unity – Board Sub Committees

The Board has established committees to consider certain specialist areas in more detail than what would be possible at Board meetings. Each committee operates within defined terms of reference. Minutes of meetings are formally recorded and reported to the Board by each Committee Chairman where necessary. Details of each committee can be found below.

Investment Committee

The purpose of the Investment Committee is to make recommendations to the Board for the Society’s investment strategy, including the asset allocation for the With Profits fund. The committee aims to achieve our investment objectives by making strategic and tactical investment decisions, within the asset allocation and risk framework agreed by the Board.

The Committee also approves our investment management agreements, the appointment of our external managers and ensures compliance with all applicable legislation. The Committee monitors the Society’s assets and liabilities, the performance of our appointed investments managers, our investment strategy and the Society’s risk appetite.

Remuneration Committee

The purpose of the Remuneration Committee is to review and recommend changes to the remuneration policy and the reward and incentive structures for Board and staff, to ensure that the above are compliant with legal and regulatory requirements and are structured to encourage best practice and the long-term interests of the Members and to make annual recommendations to the Board relating to Board fees, staff salaries and bonuses.

The full terms of reference for the Committee can be found on the link below.

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Nomination and Governance Committee

The purpose of the Nomination and Governance Committee is to assist the Chairman at least annually in evaluating the performance of each Board member and the Board as a whole, lead the selection process for Board appointments and make recommendations to the Board, taking into account existing skills and any identified gaps, the time commitments required of Non-Executive Directors and their independence and ensure that succession plans are in place for members of the Board, Chief Executive and Secretary and make recommendations to the Board, taking due account of business skills, experience and diversity.

In December 2019 the Nomination Committee was renamed to the Nomination and Governance Committee, taking on additional responsibilities to provide oversight on the Society’s governance arrangements and making recommendations to the Board on any governance issues.

The full terms of reference for the Committee can be found on the link below.

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With Profits Committee

The With Profits Committee’s role is to exercise independent judgement in considering the rights, interests and reasonable expectations of all With Profits Policyholders and make appropriate recommendations to the Board. The Committee ensures that the Society complies with our Principles and Practices of Financial Management (PPFM) which can be found here.

The Committee also considers the fairness of how any surplus is distributed to Members, how smoothing and bonus rates have been calculated and applied, review the expenses of the fund and annually assess the performance of the Society’s appointed With Profits Actuary.

Risk Committee

The role of the Risk Committee is to help the Board oversee the risk management framework and to ensure that the risks the Society faces are identified and mitigated where possible. The Committee has an over-riding responsibility to ensure that through its work the best interests of the Society’s Members are always considered and protected.

The Committee advises the Board in determining the Society’s risk appetite, tolerance, measurement, management and mitigation, whilst ensuring there are appropriate systems and controls in place to manage risk within the Society. The Committee helps foster a culture within the Society that encourages good stewardship of risk and demonstrates the benefits of a risk-based approach to internal control and management.

The Committee ensure the Society’s compliance with all relevant statutory requirements including Solvency II, General Data Protection Regulations and other regulatory requirements including in respect of prudential and conduct risk.

Audit Committee

The purpose of the Audit Committee is to assist the Board in exercising its responsibilities for compliance with statutory requirements and the integrity of the annual report and accounts. The Committee oversees the Society’s internal controls, risk management systems, whistleblowing provisions and effectiveness of the Internal Audit function. It also considers the overall remit of the Internal Audit function and the specific reviews to be undertaken by Internal Audit.

Internal Audit reports are received by the Committee and the findings are reviewed to ensure that corrective actions are appropriate and implemented on a timely basis. The Committee will make recommendations to the Board for it to put to the Members for their approval in the Annual General Meeting in relation to the appointment, re-appointment and removal of the External Auditor.

The Committee reports to the Board on its findings, identifying matters in respect of which the Committee considers action or improvement is required, and making recommendations as to the steps to be taken.

The full terms of reference for the committee can be found on the link below.

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Please Note: You must confirm you have read the key facts, before downloading this document.

Key Facts about our services and costs

1. The Financial Conduct Authority (FCA)

The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.

2. Whose products do we offer?

We offer products from the whole market

We only offer products from a limited number of companies

We only offer our own products

3. Which service will we provide you with?

We will advise and make a recommendation for you after we have assessed your needs.

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but we will not:

  • conduct a full assessment of your needs;
  • offer advice on whether a non-stakeholder product may be more suitable.

We can only offer products from Kingston Unity Friendly Society. These products will enable you to:

  • protect yourself and your loved ones in the event of death
  • save and invest with the added benefit of protecting yourself and your loved ones in the event of death
  • provide benefit cover in the event of sickness

4. What will you have to pay us for our services?

Normally, if you buy a financial product direct from us, there will be no payments such as commission or fees payable. If there are any commission or fees payable, we will tell you how we get paid and the amount before we carry out any business for you.

5. Who regulates us?

Kingston Unity Friendly Society, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and .the Prudential Regulation Authority. Kingston Unity Friendly Society’s FCA Registered Number is 110056.

Kingston Unity Friendly Society permitted business is advising and arranging life assurance and pensions business.

You can check this on the FCA’s Register by visiting the FCA’s website or by contacting the FCA on 0845 606 1234.

6. What to do if you have a complaint

If you wish to register a complaint, please contact us:
…in writing Write to Kingston Unity Friendly Society, Complaints Department, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ. …by phoneTelephone (01924) 240164

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

7. Are we covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Most types of insurance business are covered for 90% of the claim with no upper limit.