Liverpool Victoria

Treasury written question – answered on 25th January 2021.

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Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, what recent discussions he has had with insurance regulators on the future of Liverpool Victoria; and if he will make a statement.

Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, what assessment he has made of the effect on the insurance market of the decision by Liverpool Victoria to seek demutualisation; and if he will make a statement.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Assessing the impact of the sale of LV= Life and Pensions business to Bain Capital is a matter for the financial services regulators.

The sale will be supervised by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). As part of their work, the regulators will assess the overall suitability of Bain Capital to manage insurance business, including its financial position and the skills and experience of its workforce.

The proposed transaction also involves steps which require sanction by the Court. The Court processes involve a number of safeguards which are designed to ensure that policyholders are kept informed and their interests protected. These include appointment of an independent expert acting in the interests of policyholders and who will assess the impact on policyholders and report to them.

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