Mr Percival is the former chief financial officer (CFO) at Standard Life and has nearly 25 years’ experience working in regulated insurance companies.

He was appointed CFO of Standard Life Aberdeen’s pensions and savings business in 2017 and later took on the role for the life companies within the Phoenix Group (Phoenix Life & Standard Life), following its acquisition of Standard Life Assurance.

Mr Percival will be joining Scottish Friendly for a period of 18 months to lead and oversee the full range of activities of the company’s finance and investment teams. He will also be responsible for shaping and evolving a finance strategy that aligns and supports the wider organisational strategy and culture.

Martin Pringle, Scottish Friendly’s acting chief executive, commented: “We have a brilliant finance team in place at Scottish Friendly and we are extremely pleased that Stephen will be joining us to lead operations over the next 18 months. We are always looking for opportunities to attract new talent and to strengthen the team, and to have the chance to bring in someone of Stephen’s calibre was too good to turn down.

“The company continues to grow and attract new customers and Stephen will play an important role in making sure we are in the best possible position to keep moving the business forward.”

Stephen Percival, Scottish Friendly’s interim finance director, added: “Scottish Friendly is a business with a proud history that has successfully evolved over the years to maintain its position as a leading financial mutual. I am very excited to be working for the company and focusing on developing the already strong finance strategy.”