Directors statement of responsibilities under Section 172 Companies Act 2006
The directors are cognisant of their duties under Section 172 of the Companies Act 2006 in their deliberations and decisions on all matters affecting the company. Decisions made by the directors take into account the interests of all key stakeholders and reflect the directors' belief that the long term sustainable success of the company is linked directly to its key stakeholders.
Long Term Approach
The directors are focused on the success of the company over the long term through the implementation of a long term strategy for the company to develop in key targeted offerings where the company can bring a strong value proposition, leveraging its strengths.
During the year, the directors' priority was the health and wellbeing of its employees, while at the same time safeguarding the company to ensure it was well placed to prosper post pandemic. During the various lockdown phases of the pandemic no employees were furloughed, with the focus instead being on the work required to move to a work at home solution. After some hard work and capital expenditure from the Company, this was achieved seamlessly. The change enabled staff flexibility during those times to allow them to meet demands outside of work, many of which directly related to the pandemic. Communication was key and the success of this period and benefits it has brought has influenced the directors people strategy, with the intention of a more flexible working arrangement going forward, where applicable. The Board oversee a continual program of staff training and development for staff at all levels of the Group & are looking into further enhancements to aid career progressions within several functions.
The Board encourages strong, long term supplier relationships to allow the business to provide an excellent service to our clients. Key supplier contracts are subject to a detailed approval and onboarding process. The directors commit to treating all suppliers fairly & the Group works hard to ensure all approved payments are made within agreed payment terms.
The Group’s continued success is due to our ability to maintain focus on a disciplined approach to supporting clients in providing life insurance, other protection insurance and mortgages. Part of measuring this success is encouraging customers to provide feedback on several user-review sites, with results reported upon and discussed regularly. With the nature of life and other protection insurance policies being over a long term, customer focus is one of the Group’s core values. The directors take a hands-on approach to insurance partner engagement, particularly when working to design products and ensure that they are right for all parties. Our services are underpinned by traditional values, a commitment to excellence, innovation, and staff loyalty.
Community & Environment
The Board encourages positive community engagement and minimising its environmental impact where possible, recognising their significance and continues to seek further development in these areas.
Regulators & Government
High standards of business conduct are intrinsic to the culture of the Group. We maintain regular contact with key regulatory bodies including the FCA and our risk and compliance teams work across the Group to ensure business practices conform to existing and new regulation. Regular updates are provided to the board on the subject of regulatory development and on any major interactions with regulators.
The Group forms part of a wider structure of companies and as such recognises the need to act fairly to all members of both the individual companies and wider structure, whilst ensuring alignment to the ultimate parent’s strategy as much as possible.
On behalf of the board
Mr Gavin Donnelly
17 November 2021
Notes to editors:
Founded in 2012, Neilson Financial Services (NFS) is a UK specialist provider of life insurance currently selling thousands of proprietary policies per month in the UK*. NFS provides insurance products directly to consumers via the retail brands British Seniors and Smart Insurance as well as offering a partnership proposition including white-labelling capability. Having a full suite of distribution and policy administration capabilities in house, as well as a bespoke, proprietary IT platform, means NFS can offer closely synchronised online and call centre operations to provide a complete omni-channel customer experience. NFS offers a fully advised protection service through its independent advice business, Neilson Place launched in May 2020 as well as a direct to consumer protection-only comparison service ‘Choozi’, launched in June 2020.
NFS was founded by Gavin Donnelly, who previously co-founded Greenstone Financial Services (GFS) in 2007 which is now the largest life distributor and aggregator in Australia, selling 10,000 policies per month. GFS represents 42% of the direct life market (61% of media driven new business) and 45% of the aggregator market through its ‘Choosi’ brand. *
*All figs as at end April 2020
This information is for authorised intermediaries only and should not be presented to, or relied on by, retail customers. It is approved and issued by Neilson Financial Services Limited. Neilson Financial Services Limited is authorised and regulated by the Financial Conduct Authority and entered on the Financial Services Register under reference 594926. Registered Office: Landmark Place, Windsor Road, Slough, Berkshire, SL1 1JL. Registered in England and Wales, number 07986483.