FCA under fire over LV sale

LV sale to Bain to be voted on 10 December

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 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 con...