Mutual that has kept secret its policy results

It is, of course, no guarantee for the future but is a good indicator of how a provider has safeguarded money entrusted to it and increased its value.

Other factors will be considered from the fund manager and asset allocation to the degree of risk and objective to be achieved.

The Financial Services Authority recently stressed to advisers that it must not rely on anything other than facts to form a view on suitability for a particular client.

Step forward Harrogate-based Homeowners Friendly Society, which has traded since 2005 as Engage Mutual Assurance. Founded in 1980, it likes to stress its mutuality, which means it is owned by its members rather than shareholders.

The tax-exempt savings account (known as TESA) is unique to the friendly society movement. It is a way for relatively small sums (£25 monthly or £270 annually) to be invested.

Societies are usually proud to announce their results achieved for maturing policies.

Yet this is certainly not the case with Homeowners.

It decided at the start of this year to not reveal any performance to the media on grounds of “commercial prioritisation of resources”.

Just what has Homeowners got to hide?

It is probably scared that its results will not stand up to the competition. It achieved a dismal 5.43 per cent annual return on a maturing 10-year TESA policy when last revealed. By comparison, Sheffield Mutual secured 12.72 per cent and Druids Sheffield a handsome 9.1 per cent.

Savers received just £3,962 after a decade saving through Homeowners but £4,830 from Druids Sheffield and £5,763 from Sheffield Mutual.

Such figures are hardly proud for Homeowners, which has not been short of marketing money to sponsor rugby league.

Prospective investors need such comparative data but also where assets are allocated.

The mix between equities and fixed interest, property, cash and other sectors is published by all other friendly societies.

Again, it’s a secret with Homeowners.