Royal London Mutual Insurance Society confirmed on Wednesday that former Standard Life Aberdeen executive Barry O’Dwyer has been appointed its group chief executive subject to regulatory approval. 

O’Dwyer, who was head of Standard Life Aberdeen’s UK business including pensions and savings, platforms and asset management, is expected to take up his appointment in September 2019.

Royal London is the UK’s largest mutual life, pensions and investment company which employs more than 1,000 in Scotland and includes the former Scottish Life and Scottish Provident businesses.

“Further to the announcement of 11 December 2018, the board confirms that Phil Loney, currently group chief executive, will stand down on 28 June 2019 whilst remaining available to the group for the remainder of the calendar year,” said Royal London.

Royal London chairman Kevin Parry said: “After a rigorous selection process, the board is pleased that Barry O’Dwyer has been appointed 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 next stage of his career 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 builds on its mutual status remaining synonymous with great service and value.”

O’Dwyer began his career at Standard Life in 1988. He was managing director, marketing of Standard Life when he left in 2007 to join HBOS.  

He moved to Prudential in 2009 and was deputy chief executive of their UK & Europe business when he left in 2013 to return to Standard Life plc. 

In March 2017, Mr O’Dwyer became CEO of Pensions & Savings and joined the board of Standard Life plc.  

Following the merger with Aberdeen Asset Management and the sale of Standard Life Assurance to Phoenix Group, O’Dwyer became head of Standard Life Aberdeen’s UK business.

He also joined the board of Phoenix Group as a non-executive director.