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Important note:
The information in this Media section is intended for use by journalists only and customers should not use it to make financial decisions. Please remember that information in past press releases may no longer be current.
The information in this Media section is intended for use by journalists only and customers should not use it to make financial decisions. Please remember that information in past press releases may no longer be current.
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In the beginning
When Friends Provident was founded in Yorkshire in 1832, its purpose was to provide life assurance for members of the Society of Friends, commonly known as Quakers. This religious community, founded in the 17th century, was distinctive in an age of bitter religious differences for their peaceful way of life. Their numbers were small but they included men who had great influence on reform and social welfare.
Yorkshire roots
In Yorkshire, the Quakers were particularly strong; and amongst those who met in 1829 for the annual gathering of past scholars of Ackworth School near Pontefract were two outstanding local businessmen, Samuel Tuke and Joseph Rowntree.
Both men were concerned for the family of Henry Brady, a master at the school who had died of a fever the previous year aged 30 without making financial provision for his dependants. From this concern, originated the idea behind the formation of Friends Provident.
A proposal to establish a provident institution was approved by the annual gathering of Friends at Ackworth in June 1831. The value of Friends having their own life assurance association was underlined by the above-average life expectancy of the Quakers who lived according to strict principles.
As the new institution had no capital, it was decided to prepare a Guarantee Bond. This document was signed in the library at Ackworth School on 24 July 1832. It shows the names of 45 prominent Quakers who each subscribed sums of between £50 and £1,000 to make up a fund of £10,700 to meet any liabilities which might be incurred in the early years.
The directors appointed Benjamin Ecroyd, a conveyancer from Bradford, to be the first secretary. He held the position for 25 years, initially at a salary of £200 per annum. He was the only member of staff. His one-room office over a confectioner's shop was the first home of Friends Provident.
Through Monthly and Quarterly meetings of the Society of Friends, 1,000 copies of the first company prospectus were issued and part-time agents were appointed. On 21 November 1832, the first policies were issued.
Ackworth School
In touch with our roots
Friends Provident was founded in the school library of Ackworth School near Pontefract in West Yorkshire.
Our company owes its existence to two former pupils of Ackworth School, Businessmen Samuel Tukeand Joseph Rowntree were concerned when a master at the school died in 1828, aged 30, without having made financial provision for his wife and family.
Four years later, along with 43 other leading Quakers, they established a provident institution to provide life assurance for their members. The formal name of the Quakers is the Society of Friends - which is why the new company was called the Friends Provident Institution. The documents were signed in the school library, where for the next 52 years the annual general meetings of the company were held.
Despite its age, Ackworth School is thriving. In 2000, the school invited David Newbigging, the then Chairman of Friends Provident, to open its new junior school buildings. For more information on the school, visit www.ackworthschool.com.