A Birmingham-based mutual financial services society, founded in 1841, that serves doctors, dentists, teachers and other professionals.
Wesleyan is a mutual financial services organisation, owned by its members rather than shareholders. It offers savings, mortgages, investments, pensions and insurance, with particular focus on doctors, dentists, teachers and other professionals. It says its aim is "to give you the best financial advice and services for your needs". Mutual means that Wesleyan has no outside shareholders; its profits are meant to benefit members. For a student, that is a useful contrast with companies that exist mainly to pay shareholders, and it shapes how the organisation talks about long-term relationships with members.
It began in 1841 in Birmingham, when members of the Wesleyan Methodist Church founded the Wesleyan Provident Assurance Society to help factory workers save for sickness and funeral costs. It later became the Wesleyan & General Assurance Society and in 1997 joined the Medical Sickness Society, which had advised doctors and dentists since 1884. A Wikipedia entry says it was set up to help people overcome financial problems from the first Industrial Revolution. Its history stretches from the Chief Office on Steelhouse Lane, which it moved into in 1900, to Colmore Circus in 1991. The Birmingham Civic Society has recorded a blue plaque for the Wesleyan Assurance Society, which shows its place in the city's history. Wesleyan launched an apprenticeship scheme in 2010, which is a sign that it has trained new staff for some time.
Wesleyan's head office has been at Colmore Circus in Birmingham city centre since 1991. Wikipedia reports more than 1,200 employees and £7.2 billion of assets under management for 2022, and says the chief executive is Mario Mazzocchi. It is regulated by the FCA and PRA.
Wesleyan says its dedication to members and customers has stayed constant. Its Member Reward programme, introduced in 2022, gives annual benefits such as vouchers and cashback. The Wesleyan Foundation, launched in 2017, had donated £5 million to good causes by 2023. In 1952 it introduced a Widows and Orphans Fund for employees' dependants, an early sign of looking after its own people.
Its specialist financial advisers work with professionals who have particular needs, such as GPs and teachers, and it is the approved financial advice partner for the Royal College of General Practitioners and an approved partner of the NASUWT teaching union. Other roles include customer service, claims, investment, finance and technology. Its specialist financial advisers used to meet clients face-to-face and switched to video calls during Covid-19, which shows how the service model adapted. The Society also became the approved partner of the NASUWT teaching union in 2003, and it serves the Royal College of General Practitioners. For someone who is interested in working with doctors or teachers as clients, it offers a particular niche within financial services, and its other work in savings, mortgages and insurance relies on specialist, finance and customer teams in Birmingham.
Website: www.wesleyan.co.uk
PURPOSE helps school and university students explore 62 sectors and over 1,000 entry-level careers in the UK, then connects them directly with employers.
Explore PURPOSE