FCA under fire over LV= sale

LV= vote on 10 December

clock • 1 min read

The Financial Conduct Authority has faced criticism for its role in overseeing the sale of British mutual insurer LV= (formerly Liverpool Victoria) to Bain Capital.

In a letter seen by the Daily Mail, the chairman of the All Party Parliamentary Group for Mutuals Gareth Thomas asked the FCA to reveal details of the negotiations, including whether LV= had been offered more money by mutual insurer Royal London. While Royal London cannot legally confirm if its offer was higher, it has been reported that it offered £540m to Bain's £530m. The move first came under fire earlier this year, but as the voting deadline of 10 December approaches, pressure has intensified. The FCA said last month that it had "no objections" to the take-over, and it would cont...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Partner Insight: The psychology of retirement

Partner Insight: The psychology of retirement

Bridging the advisers-clients gap: How emotional intelligence can help build deeper trust with clients and better understand their financial goals

James Woodfall, Raise Your El.
clock 15 September 2025 • 1 min read
Managing drawdown risk: A new frontier in retirement planning

Managing drawdown risk: A new frontier in retirement planning

'Volatility alone is no longer a sufficient risk measure'

Matthew Wright
clock 29 August 2025 • 4 min read
Sounding the alarm: Facing the retirement reality check

Sounding the alarm: Facing the retirement reality check

'At the heart of the issue is a worrying lack of engagement'

Laith Khalaf
clock 17 June 2025 • 3 min read