The oversight of the process by which a friendly society converts to a company limited by guarantee is the responsibility of the financial services regulators, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
Both the PRA and FCA had a statutory role in the conversion of Liverpool Victoria Friendly Society to Liverpool Victoria Financial Services Limited in 2019. The Friendly Societies Act 1992 required the conversion to be confirmed by the PRA, and the PRA were required to consult the FCA on areas such as approval of the content of the member statement and the confirmation of the conversion. The FCA reviewed the terms of the conversion and provided challenge where appropriate in areas such as the member statement, which communicated the conversion to members, and the Independent Expert report.
Beyond these requirements set out in legislation, the FCA also considered a number of broader issues in line with their statutory objectives, regarding treating customers fairly and communicating in a way which is clear, fair and not misleading.