FCA under fire over LV= sale

LV= vote on 10 December

clock • 1 min read

The Financial Conduct Authority (FCA) has faced criticism for its role in overseeing the sale of British mutual insurer LV= 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 expose 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 co...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

PFS turmoil continues as interim CEO Don MacIntyre exits

PFS turmoil continues as interim CEO Don MacIntyre exits

Organisation has been at loggerheads with CII

Jenna Brown
clock 05 November 2024 • 2 min read
Implications of the PRA's 2025 life insurance stress test

Implications of the PRA's 2025 life insurance stress test

A regulatory shift

Sheikh Yasir
clock 01 November 2024 • 4 min read
Industry reacts: Autumn Budget 2024

Industry reacts: Autumn Budget 2024

Missed opportunities for health

Cameron Roberts
clock 31 October 2024 • 5 min read