following an investigation by the FSA. Although owned by Royal Liver, Citadel is an independent company offering financial advice on a wide range of issues and financial services in Ireland. Takeover In 2007, Royal London approached Royal Liver about a possible combination of their businesses, but Royal Liver decided to remain as an independent entity. Since then, however, the financial downturn hit the insurance industry hard. The FSA launched Project Chrysalis, aimed at mutual insurance companies. Companies were asked to hold more capital, and to either stop writing new policies, or justify that continuing selling new business wouldn't put existing policyholders at a disadvantage. At the time, it was anticipated that several mutuals would merge due to lack of capital. Royal Liver were then approached again by Royal London in February 2010. Talks continued for some time, and the board of Royal Liver agreed the terms of a potential merger in April 2011. The delegates of Royal Liver voted in favour of the merger at the AGM on 12 May 2011. The transfer to Royal London was completed on 1 July 2011. References Financial services companies established in 1911 Financial services companies disestablished in 2011 Defunct companies based in Liverpool Friendly societies of the United Kingdom