Pedelty was appointed to the board of Resolution and as chairman of Friends Provident Holdings on November 5, following completion of Resolution’s acquisition of Friends Provident.
He had been an independent non-executive director of Friends Provident since October 2006.
Resolution says Pedelty had a distinguished career in the financial services sector, most notably as The Co-operative Bank chief executive from 1997 to 2004.
The firm says the board will announce the appointment of a new chairman of FPH in due course.
Resolution chairman Mike Biggs says: “We are deeply saddened to learn of Sir Mervyn’s death.
“He was a man of considerable talents and his contribution will be greatly missed. On behalf of everyone in the Resolution Group, we extend our deepest sympathy to his family.”
Friends Provident chief executive Trevor Matthews says: “Sir Mervyn was a very effective director of Friends Provident and a delightful man to work with. We will all miss him.”