FCA under fire over LV= sale

LV= vote on 10 December

clock • 1 min read
FCA under fire over LV= sale

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....

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