Scottish Friendly has appointed Scott McNeill as its new chief financial officer ahead of its proposed merger with OneFamily.

McNeill currently serves as chief actuary at Scottish Friendly. He will succeed Alan Rankine, who is leaving the business to pursue another opportunity.

Subject to regulatory approval, McNeill will take responsibility for Scottish Friendly’s finance function and join its board as an executive director. He will also become CFO of the combined Scottish Friendly and OneFamily business once the proposed merger completes.

Preparing for a major merger

Scottish Friendly and OneFamily announced plans to merge in February. The deal is expected to become effective in early 2027, subject to regulatory approval.

The combined organisation is expected to have almost £10bn in assets under management and more than 2.3 million members across the UK.

It will operate under the OneFamily group name while retaining the Scottish Friendly, OneFamily and Beagle Street brands.

The merged business will retain bases in Glasgow and Brighton. OneFamily chief executive Jim Islam will become chief executive, while Scottish Friendly chair John McGuigan will chair the combined organisation.

Continued growth and acquisitions

Scottish Friendly currently has more than 854,000 members and reported £4.4bn in assets under management at the end of 2025, up from £4.3bn a year earlier.

The Glasgow-based mutual also recorded £56.1m of new business sales on an annual premium equivalent basis during 2025. This was the highest level in its 164-year history.

Alongside the proposed merger, Scottish Friendly has been completing the acquisition of pension and annuity books from Fidelity International.

The transaction includes a £2.16bn book of unit-linked Section 32 pensions covering around 40,000 policyholders. The transfer was scheduled to take effect on 30 September, subject to the required approvals.

Leadership succession

McNeill’s appointment comes during a period of significant change for the mutual.

Rankine joined Scottish Friendly as chief actuary in 2018 before becoming CFO in 2022. He will remain with the business until early next year to support preparations for the OneFamily merger and oversee the handover to McNeill.

Scottish Friendly chief executive Stephen McGee said the appointment reflected the strength of talent and succession planning within the business.

McNeill said he looked forward to working with Rankine and the wider executive team as the proposed merger progresses.

What this means for business owners

The appointment highlights the importance of leadership continuity during a major transaction. For financial planning and wealth management business owners, having the right people in place can help demonstrate that the business can operate effectively beyond the current owner.

Building a strong team and reducing key-person dependency can form an important part of succession planning. It can also give potential buyers greater confidence in the future of the business.

If you’re considering succession planning or would like to understand how buyers may view your business, click here to book a free confidential consultation and discuss your options.